Unicoin Co-Founder Wants 'Amnesty' as SEC Relaxes Crypto Policy Under Trump
CEO Alex Konanykhin is calling on the SEC to drop charges against Unicoin, citing the agency's recent trend of backing away from major lawsuits.
Unicoin co-founder and CEO Alex Konanykhin is hoping his company will be the next name to be ignored by the SEC, as the US securities regulator shows signs of changing its strategy after the Biden administration ends.
"We want to be freed like other companies," Konanykhin wrote in an op-ed in the Miami Herald on Thursday, referring to the SEC's repeated dismissal or suspension of cases against several major crypto companies, including Coinbase, Binance, Ripple, and Kraken.
Rather than continuing its policy of "regulation by enforcement," the SEC is showing a significant pivot to a more open and friendly approach to the blockchain industry under President Trump. In recent weeks, the agency has backed away from high-profile lawsuits, sending a positive signal to the industry.
Unicoin, a Miami-based company, was targeted by the SEC in late 2024, on charges of fraud, offering unregistered securities, and misleading investors. Fortune described the move at the time as Chairman Gary Gensler's "last gasp" in the fight against crypto.
"I can only say one word: bullshit. Total bullshit," Konanykhin said in an interview with Fortune. He also stressed that the SEC's action came in the final days of the Biden administration, before power was transferred to more crypto-friendly figures.
Facing legal pressure, Unicoin announced a complete withdrawal from the US market, moving its operations to Europe and abandoning any plans to raise money from US investors.
A similar case has just been resolved by the SEC: the long-running investigation into Robinhood Crypto has officially ended “without action.” According to Robinhood’s announcement, the SEC has announced that it does not intend to pursue the case further, despite having filed a Wells Notice in May 2024 – a step that typically signals imminent enforcement action.
What makes Unicoin unique is that the company has publicly acknowledged that its tokens are securities – something that most Web3 projects tend to avoid. Konanykhin revealed that Unicoin has sold around $3.5 billion worth of tokens to 70,000 investors through private deals, using a pay-as-you-go model.
However, despite claiming to be compliant and publicly reporting for over five years, Unicoin has not registered its tokens with the SEC, according to public filings. When asked about this, a Decrypt representative said that they are still waiting for a comment from the company.
Konanykhin asserted that Unicoin has always pursued transparency, fully disclosing financial reports, audits and transaction records, despite “excessive and unreasonable supervision” that he said stemmed from the previous government’s bias.
Unicoin made global headlines in 2022 when Apple co-founder Steve Wozniak officially endorsed the project. Wozniak is a regular guest on the TV show Unicorn Hunters, which launched Unicoin.
“I hope Unicoin will be a huge success. At least it’s not just a promise. It’s backed by real investment results,” Wozniak said during a project introduction.
With the SEC gradually dropping previous lawsuits, Konanykhin and Unicoin are looking forward to a similar outcome – which they believe is fair, reasonable, and timely to continue developing the project in a global direction.