Crypto investment platform Unicoin has responded to the SEC lawsuit, accusing the agency of distorting its statements and lacking sufficient evidence.
Unicoin's Response to the Lawsuit
Unicoin filed a response in a New York federal court, stating that the SEC's lawsuit should be dismissed. The company claims that the SEC 'plucks snippets and distorts their meaning and context.'
Arguments from Both Sides
Unicoin argues that the SEC did not provide enough evidence for its allegations of securities fraud. The SEC alleges the company misled investors about backing real-world assets versus upcoming tokens. Unicoin insists that the identified risks were disclosed openly and cannot serve as the basis for allegations.
Discussion of Outcomes
The company requested the court to dismiss the SEC's lawsuit with prejudice, preventing the agency from refiling the claim. Unicoin also noted that the SEC's actions are hindering the creation of tokens backed by real assets.
The escalating conflict between Unicoin and the SEC raises important questions about the regulation of the crypto industry and how existing laws can be applied in the context of the new economy.
