SEC drops case against BitClout founder with prejudice

The US Department of Justice has filed for dismissal of its case against BitClout founder Nader Al-Naji, after “reassessment of the evidentiary record."

The US Securities and Exchange Commission (SEC) has dropped its two-year-long case against the founder of the blockchain-based social media platform BitClout, Nader Al-Naji. 

In the joint dismissal stipulation filed in the US District Court for the Southern District of New York last Thursday, the SEC cited the crypto task force, which was tasked with developing a regulatory framework for crypto in January 2025, and a “reassessment of the evidentiary record” as the basis for dismissal.

However, the regulator cautioned in a statement that this case outcome doesn’t necessarily mean other similar enforcement actions will receive the same treatment.  

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