Overview
- Both sides filed a joint stipulation on March 12 in the Southern District of New York permanently dismissing the SEC’s civil action.
- The dismissal bars the agency from refiling the same claims and includes a waiver by Al‑Naji and relief defendants of any bid to recoup legal fees.
- The DOJ previously closed a parallel criminal wire‑fraud matter tied to BitClout, bringing the related proceedings to an end.
- Regulators had alleged roughly $257 million was raised through BTCLT token sales and that about $7 million funded personal expenses, allegations now left without penalties or findings.
- The SEC cited a review by its crypto task force and stressed that the decision does not automatically extend to other digital‑asset cases, even as coverage notes a broader pullback in crypto enforcement.