SEC Drops Charges Against BitClout Founder in $250M Crypto Scheme Case

The US Securities and Exchange Commission (SEC) has made another significant move in the crypto space, dismissing charges against Nader Al-Naji, the founder of BitClout. The case, which was initially filed in July 2024, accused Al-Naji of raising over $257 million through unregistered offers and sales of the BitClout blockchain's native token.

The SEC had alleged that Al-Naji misled investors by falsely claiming that the funds would not be used for personal gain. However, the commission has now concluded that dismissing the claims against Al-Naji is appropriate, citing a re-evaluation of the evidentiary record.

This decision comes as part of a larger trend where the SEC has been dismissing or pausing 60% of its active cryptocurrency cases since January 2025. This includes high-profile actions involving major players like Binance, Coinbase, Ripple, and Kraken.