The Securities Exchange Commission (SEC) has suspended a fraud lawsuit against crypto mining company Geosyn Mining and its executives after U.S. federal prosecutors filed similar charges against the company's CEO and two former executives. In a Feb. 14 filing in federal court in Texas, the agency agreed to stay the execution of the case it filed in April 2024 after Geosyn CEO Caleb Joseph Ward and the company's former head of operations, Jeremy George McNutt, surrendered to authorities and appeared in court the day before.
Mr. Trump has promised to ease regulatory enforcement of the crypto industry, while the SEC last month established a crypto task force to engage with the industry and suspended some crypto-related lawsuits. However, in a filing on the same day, the SEC said that "neither the SEC's crypto task force nor the current government's stance on the crypto industry should have any impact in this case" because the case is unrelated to crypto regulation and does not charge the two with selling cryptocurrencies.
Previously, in April 2024, the US SEC sued bitcoin miner Geosyn, accusing its founder of fraudulently 5.60 million dollars.
The SEC's lawsuit against bitcoin miner Geosyn has been put on hold due to fraud allegations by the US federal government
2025-02-17 02:21:33
US securities exchange commission sec suspension crypto mining company geosyndesk3cryptocurrencydesktopCrypto News
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