SEC moves to take legal action against Unicoin a final push from Chair Gensler's crypto crackdown

So, Gary Gensler is about to wrap up his time as SEC chair, but he’s not holding back on the crypto industry even in his last month. Just last week, the SEC dropped a Wells Notice on Unicoin, which is a crypto investment firm based in the U.S. This notice is basically a heads up that the SEC plans to sue them. From what I've read in the Wells Notice, the SEC aims to bring charges against Unicoin for things like fraud and selling unregistered securities, but it doesn’t give the full details on those violations. In a chat with Fortune, Unicoin's CEO, Alex Konanykhin, mentioned that the SEC’s enforcement unit already hit them with subpoenas back in May regarding their main product a crypto that's backed by real-world assets, including a whole bunch of real estate. Konanykhin said their legal team is putting together a response, which is due by December 24. He reflected a vibe that's pretty common in the crypto world right now, which sees Gensler's heavy-handed actions as more about politics than anything else. "I can only say one thing: total nonsense," he told Fortune. "Complete and utter nonsense." Are you guys also curious if Uncle Gary will get another chance to mess with the crypto scene before he bounces?

Unicoin had until 24th December to respond to this Wells Notice and there is no news about this case for now. Uncle Gary has about 24 days for him to get a judgment to indict Unicoin. I don't think it will be enough to achieve his aim. Even if he gets a court order, the crypto firm can easily appeal the judgement to buy more time until the inauguration date of Donald Trump.

Doesn't the US have New Year's holidays when government agencies don't work? The old team has very little time. SEC commissioners say agency may move away from enforcement actions https://blockworks.co/news/sec-potential-shift-enforcement-actions "Starting next year, the SEC will operate with a smaller team of commissioners while we wait for the Senate to approve President-elect Donald Trump’s nominees. SEC Commissioners Hester Peirce and Mark Uyeda, both Republicans, are the only sitting commissioners who will remain with the agency after Inauguration Day. After SEC Chair Gary Gensler departs, how the agency approaches the crypto industry should see a big shift, according to Peirce. “We have a big toolkit,” Peirce said earlier this month during an appearance at the Blockchain Association Policy Summit. "