As the U.S. Securities and Exchange Commission moves to unwind a number of high-profile enforcement actions against crypto firms, Unicoin co-founder Alex Konanykhin is pressing the agency to do the same for his company.
In a recent op-ed published by the Miami Herald, Konanykhin called for the SEC to end its probe into Unicoin, citing the wave of case dismissals that have marked a broader softening of the agency’s approach under the Trump administration.
“We would like to be next,” Konanykhin wrote, referencing the growing list of crypto firms—including Coinbase and Ripple—that have recently seen lawsuits dropped or deferred.
He argued that Unicoin’s model, which centers on asset-backed tokens tied to real estate holdings in locations like the Bahamas and Thailand, positions the company outside the category of high-risk crypto projects that previously drew regulatory scrutiny.
Unicoin received a Wells notice from the SEC in December 2023, a formal indication that the regulator was considering enforcement action. However, the changing political climate—and the SEC’s apparent pivot toward prioritizing fraud-focused cases—has given firms like Unicoin new hope that long-standing investigations may soon be resolved or abandoned altogether.
The Case Against Unicoin
The crackdown on Unicoin came in the final weeks of the Biden administration, a period when outgoing SEC Chair Gary Gensler was still pursuing several crypto enforcement actions. At the time, regulators alleged that the Miami-based firm had engaged in misleading conduct and offered unregistered securities. CEO Alex Konanykhin has vehemently denied the claims.
“I can only say one word: bullshit. Complete and utter bullshit,” he told Fortune in a recent interview.
Now, with a Trump-aligned leadership reshaping the regulatory agenda, cases against major players like Coinbase, Ripple, Kraken, and Binance have been dropped or quietly paused. Konanykhin argues that Unicoin was simply caught in the final wave of a broader enforcement push—and that it no longer makes sense for the SEC to pursue action under a framework that appears to be unraveling.
In the op-ed, Konanykhin framed the agency’s recent pullback as a chance for innovation to thrive, adding that Unicoin’s asset-backed model offers transparency and real-world value that distinguishes it from many of the speculative projects that drew regulatory fire during the post-FTX crackdown.
Unicoin Embraces Security Status as Wozniak-Backed Project Eyes Comeback
Unicoin’s public profile surged in 2022 when Apple co-founder Steve Wozniak endorsed the project during its token launch. At the time, Wozniak appeared as a panelist on Unicorn Hunters, the investment reality show that gave rise to Unicoin, and praised the company’s investment-driven approach.
Unlike other crypto firms that have battled with the SEC over whether their tokens qualify as securities, Unicoin has taken the opposite route—openly identifying its token as a security. According to Konanykhin, the company’s approach is designed to bring transparency and regulatory clarity, especially in an environment marred by enforcement confusion.
He has also claimed that Unicoin has secured $3.5 billion in token commitments through a mix of deals and buy-now-pay-later arrangements involving around 70,000 investors.
With regulatory momentum shifting and enforcement actions being scaled back, Unicoin sees an opening to return to the market with its asset-backed token model. The company’s strategy now hinges on aligning itself with a post-crackdown era—one where being a registered security could become an advantage rather than a liability.
Quick Facts
- Unicoin co-founder Alex Konanykhin is urging the SEC to drop its investigation amid a broader regulatory shift under the Trump administration.
- The company received a Wells notice in December 2023 but argues it no longer fits the profile of projects the SEC is actively targeting.
- Konanykhin highlighted Unicoin’s asset-backed model, tied to real estate holdings, as evidence of its lower risk profile.
- The SEC has recently paused or dropped enforcement actions against several major crypto firms, including Coinbase and Ripple.
