The change in the two-year-old case comes as the agency re-evaluates the evidence
The US Securities and Exchange Commission (SEC) has moved to dismiss its case against Nader Al-Naji, ending a legal dispute that lasted about two years. The request was filed in the US District Court for the Southern District of New York and follows what the agency described as a reassessment of the available evidence.
The rumors are true and I can finally talk about it: The DOJ has dismissed its case against me and my name has been cleared.
This is an amazing result for me, for my family, for my team, and for DeSo. There is no limit to what we can achieve from here.
At some point, I'll share… pic.twitter.com/YVWzkcfgkY
— nader.deso (@nadertheory) March 31, 2025
Regulators said the decision also came after work by a government crypto task force launched in early 2025. That group was created to help build a clearer regulatory structure for digital assets. Officials noted that the dismissal is tied to the details of this specific case and should not be seen as a broader policy change.
Al-Naji is the creator of BitClout and a former engineer at Google. The platform launched publicly in 2021 and aimed to combine social media with cryptocurrency-based creator tokens. The project later became associated with the DeSo network.
The SEC originally filed its complaint in 2024, accusing Al-Naji of raising more than $257 million through sales of the platform’s token. Regulators claimed investors were told that the funds would not be used to pay team members. Authorities later alleged some of the money was spent on personal expenses.
According to the complaint, more than $7 million went toward expenses such as rent for a Beverly Hills mansion and financial gifts to relatives. Investigators also argued that the platform was less decentralized than described, claiming that Al-Naji maintained control over key parts of the project.
The dismissal agreement prevents the SEC from bringing the same charges again against Al-Naji or several related parties, including family members and companies tied to him. Al-Naji also agreed not to seek reimbursement from the agency for legal costs tied to the case.
A separate investigation by the US Department of Justice had already been dropped earlier in 2025. That case involved allegations of wire fraud, which prosecutors chose to end without continuing the charges.
