SEC Drops Case Against BitClout Founder Nader Al-Naji
The SEC has dismissed its civil case against BitClout founder Nader Al-Naji and associated parties after reassessing the evidence. This action follows a March 12, 2024, court filing in New York. Al-Naji, who created BitClout—a decentralized platform that allowed users to exchange Bitcoin for tokens representing social media profiles—previously faced both DOJ and SEC charges. The DOJ dropped wire fraud charges in March, and now the SEC has ended its lawsuit alleging more than $257 million was raised through unregistered securities. BitClout had received backing from major investors, including Andreessen Horowitz and Coinbase Ventures. This dismissal joins a trend of crypto-related cases being dropped or settled by the SEC since President Trump's return to office, including cases involving Ripple, Coinbase, and Tron-related entities.
