A crypto firm that calls itself one of the most compliant in the United States is preparing to go head-to-head with the Securities and Exchange Commission (SEC) after rejecting a proposed settlement.
Miami-based Unicoin says it has no plans to back down, setting the stage for a potentially high-profile courtroom fight.
The SEC’s Division of Enforcement had given Unicoin until 18 April to enter into settlement talks, according to co-founder Alex Konanykhin.
That deadline has now passed with no agreement in place.
In an interview with Decrypt, he said,
“I fully intend to win this case in the courtroom. It’s grotesque that the most compliant crypto company in the U.S. remains the only one being persecuted by the SEC.”
Konanykhin also warned that Unicoin may sue the Commission, citing “massive, multi-billion-dollar damage” to the company and its shareholders.
The SEC’s case is based on a Wells notice issued in December.
The agency accuses Unicoin of violating registration and antifraud provisions under federal securities laws.
Specific claims include distributing the firm’s native token, UNIC, through airdrops without confirming if recipients were accredited investors, and falsely presenting the token as “asset-backed” and “SEC compliant”.
Unicoin’s co-founder and CEO, Alex Konanykhin
The SEC also says Unicoin inflated token sales numbers and made inaccurate claims about owning or controlling overseas real estate.
Konanykhin is accused of reselling restricted securities without qualifying for exemptions.
Unicoin denies all allegations.
Konanykhin argues that the case is being driven by staff from the previous administration under Gary Gensler.
He names Brad Ney, an assistant director in the enforcement division and a decade-long SEC employee, as the lead figure behind the investigation.
He said,
“This is being driven by rogue officials left over from the Gensler administration who are trying to cover themselves by bullying us into a false admission of guilt.”
Unicoin’s token is not available for trading in the U.S. Unlike many crypto firms, it markets UNIC as a promissory token tied to the future value of the company’s asset portfolio, which includes media and tech services.
Its promotional blitz in New York—on billboards, taxis, and city buses—aimed to raise awareness of its model.
But Konanykhin says it also triggered unwanted attention from regulators.
Despite this, he maintains that the case reflects internal pushback against a shifting regulatory climate.
The Unicoin case now unfolds under a new leadership team at the SEC.
On 21 April, Paul Atkins was officially sworn in as the agency’s 34th chairman, after being nominated by President Trump and confirmed by the Senate.
Atkins, a former SEC commissioner from 2002 to 2008, is known for advocating regulatory clarity and a balanced approach.
During confirmation hearings, he called for a “rational, coherent, and principled” framework that promotes innovation while reducing ambiguity—an approach welcomed by many in the crypto space.
He also holds personal crypto investments worth up to $6 million and previously served on the board of tokenisation firm Securitize.
His appointment is widely seen as a signal that the SEC may pivot towards clearer rules rather than aggressive enforcement.
Despite expectations of a friendlier regulatory approach, the SEC’s enforcement efforts haven’t halted.
Unicoin’s case stands out as one of the most serious active investigations, especially since charges include potential fraud.
Acting Chair Mark Uyeda, who preceded Atkins, had made clear that while enforcement strategy may shift, fraud cases remain a priority.
Unicoin has since requested a meeting with the SEC’s Crypto Task Force, which has engaged with over 60 digital asset firms since February.
So far, it hasn’t received a response.
This legal clash will test how far the SEC is willing to go under its new leadership—and whether companies like Unicoin can challenge the agency’s approach under the Trump-era direction.
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