The civil enforcement action, originally filed in July 2024, has been dismissed after a "reassessment of the evidentiary record.”
“In the exercise of its discretion, the Commission believes dismissal of the claims against Defendant and Relief Defendants is appropriate,” the filing reads.
The jointly stipulated filing was signed by representatives for the SEC and defendants in the last two weeks and officially filed on March 12.
Last March, though, the charges from the DOJ were dropped and the complaint was withdrawn without prejudice. Despite that, the SEC’s lawsuit against Al-Naji, which alleged that he raised more than $257 million in unregistered securities and sales of the BitClout token, was still outstanding as the sides worked on a resolution.
Now that too has been dismissed, adding the BitClout founder’s case to the list of notable crypto enforcement actions or lawsuits that have been disbanded or dropped since President Trump’s more crypto-friendly administration has taken the helm.
