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On April 23, 2025, the cryptocurrency company Unicoin from Miami rejected the SEC's settlement offer in the investigation, as reported by CEO Alex Konanykhin in a letter to investors. The SEC accuses Unicoin of fraud, deception, and the sale of unregistered securities after issuing a Wells Notice in December 2024. Konanykhin called the SEC's demands "unacceptable," refusing to negotiate on April 18, and is preparing for a court trial, claiming that the company is the "most compliant" in the U.S.