According to Internet reports, Decrypt reported that Miami encryption company Unicoin was required by the SEC to reach a settlement before April 18 for allegedly violating securities registration and anti-fraud regulations. However, company CEO Alex Konanykhin refused to compromise and said he would respond through the court. The SEC accused him of distributing tokens UNIC through airdrops, misleading claims that it was "asset-backed" and "in compliance with the SEC," and allegedly reselling restricted securities without exemptions. Konanykhin called the charges "driven by a legacy of his predecessor Gensler era" and planned to countersue the SEC for billions of dollars in losses.