Crypto investment platform Unicoin hit the US Securities and Exchange Commission’s lawsuit after three months, accusing the agency of distorting regulatory statements to generate a case.
Unicoin told a New York federal judge on Wednesday that the SEC lawsuit should be dismissed as it “plucks snippets of communications and prevents their meaning and context; treats the routine financial projection and optimism as fraud; and ignoring a sober warning about danger.”
It added, “Most unique, the SEC has tiled Unicoin’s disclosure in the company’s own SEC and incorrectly revoked these disclosures as proof of deception.”
In May, the Sec sued unicoin.
SEC requires a higher proof standard, says Unicoin
Unicoin argued that the SEC combined its claims, and its allegation that the company had violated security laws would require further proof.
“Security fraud requires more. It requires a false statement, made to the scientist, that the rational investor relies on,” it wrote. “Where, as here, the dangers recognized by the SEC have been revealed openly and repeatedly, those elements will not be met.”
It argued that the SEC lawsuit was a “shotgun pleading” that did not indicate a motive for Unicoin’s alleged actions and relied on evidence with conditions, “semantics and false articles of statements taken completely in context.”
Sec said Unicoin was misguided with tokens, certificate
The SEC said Unicoin has made misleading statements by saying that billions of dollars worth real-world assets, such as real estate and equity to pre-UPO companies, will return to the upcoming tokens and rights certificates.
The regulator admitted that in reality, the owners were worth a part of what Unicoin claimed and the company had mistakenly financially financially.
The agency said Unicoin said it was selling more than $ 3 billion on the certificates of rights when the company sold only $ 110 million, and incorrectly advertised tokens and certificates as SEC registered.
Unicoin returns to the claims to the SEC
In filing it, Unicoin argued that the SEC claims that it clarifies investors about supporting its token relies on statements that “took full context,” as executives said the company was supported by the asset, not the upcoming tokens.
Related: Sec to focus on ‘clear’ crypto regulations after ripple case: Atkins
Where executives say the token is supported by the property, Unicoin argues that “somehow it is said that any defendant that the Unicoins will work as a fully collateralized investment.”
It added that tokens have not been created, and the SEC has tried to pin them for “forward expressions of optimism.”
Unicoin said the SEC lawsuit stopped being a mint token and returned it with properties, while its lawsuit appears to be liable “for failing to tokens that are fully collateralized by real-world assets.”
It added that the SEC has been trapped the deal and the value of the company’s real estate transactions, some of which are still in the process of closing.
Unicoin asked the court to remove the SEC lawsuit with prejudice, meaning it would be stopped from re-avoiding the complaint.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
