{"id":76510,"date":"2026-03-16T21:01:37","date_gmt":"2026-03-16T21:01:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=76510"},"modified":"2026-03-16T21:01:37","modified_gmt":"2026-03-16T21:01:37","slug":"sec-drops-charges-against-bitclout-founder-in-250m-crypto-scheme-case","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=76510","title":{"rendered":"SEC Drops Charges Against BitClout Founder In $250M Crypto Scheme Case"},"content":{"rendered":"<div>\n<p>The US Securities and Exchange Commission (SEC) has officially dismissed another crypto-related case, this time involving Nader Al-Naji, the founder of BitClout. This development marks the end of a nearly two-year legal battle, with the case initially filed in July 2024.<\/p>\n<h2>BitClout Founder Cleared Of SEC Charges<\/h2>\n<p>In a recent court filing, the SEC <a href=\"https:\/\/www.sec.gov\/files\/litigation\/litreleases\/2026\/stip26499.pdf\" target=\"_blank\" rel=\"noopener nofollow\">announced <\/a>that it had reassessed the evidentiary record and concluded that dismissing the claims against Al-Naji and the associated Relief Defendants was appropriate. \u201cIn the exercise of its discretion, the Commission believes dismissal of the claims is appropriate,\u201d the filing stated.<\/p>\n<p>The SEC\u2019s initial lawsuit <a href=\"https:\/\/bitcoinist.com\/bitclout-founder-faces-sec-fraud-charges\/\" target=\"_blank\" rel=\"noopener \">accused <\/a>Al-Naji of raising over $257 million through unregistered offers and sales of the BitClout blockchain\u2019s native token, BTCLT, since November 2020.\u00a0<\/p>\n<p>The complaint alleged that he misled investors by falsely claiming that the funds would not be used for personal gain. At the time, the SEC contended that Al-Naji had misappropriated more than $7 million of investor money for personal expenses, which included \u201cextravagant gifts\u201d and rental payments for a Beverly Hills mansion.<\/p>\n<p>According to the SEC\u2019s complaint, Al-Naji took extensive measures to present BitClout as a decentralized platform devoid of central authority. To maintain this fa\u00e7ade, he allegedly operated under the pseudonym \u201cDiamondhands.\u201d\u00a0<\/p>\n<p>The SEC also claimed that he procured legal opinions asserting the non-securities status of BTCLT while misrepresenting the project\u2019s actual nature, ultimately disclosing deceptive practices only to select investors.<\/p>\n<h2>SEC Drops 60% Of Active Crypto Cases<\/h2>\n<p>The dismissal adds Al-Naji to the growing list of cases dropped since President Donald Trump took office and appointed Paul Atkins, a pro-crypto advocate, to lead the agency.<\/p>\n<p>Since January 2025, the SEC has dismissed or paused roughly 60% of its active cryptocurrency cases, including high-profile actions involving major players like Binance, Coinbase, Ripple, and Kraken.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/FOS9saTx\/\" alt=\"BitClout\" width=\"1814\" height=\"981\"><\/p>\n<p>Featured image from OpenArt, chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has officially dismissed another crypto-related case, this time involving Nader Al-Naji, the founder of BitClout. This development marks the end of a nearly two-year legal battle, with the case initially filed in July 2024. BitClout Founder Cleared Of SEC Charges In a recent court filing, the SEC announced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-76510","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/76510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76510"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/76510\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}