Overview
- The Securities and Exchange Commission agreed in a joint stipulation to drop its civil lawsuit against Nader Al-Naji, with the filing entered in the Southern District of New York.
- The dismissal is with prejudice and carries no penalties for Al-Naji, closing the door on refiling the same claims.
- The SEC said it reevaluated the evidentiary record and circumstances of the case before determining dismissal was appropriate.
- The July 2024 complaint had accused Al-Naji of an unregistered offering of BitClout’s BTCLT token, asserting centralized control and alleging misuse of investor funds.
- A separate Department of Justice criminal case was dropped in 2025, and the SEC’s filing references its crypto task force launched in January 2025 as part of a broader enforcement shift.