PANews reported on April 22 that according to Decrypt, Miami crypto company Unicoin was asked by the SEC to reach a settlement by April 18 for alleged violations of securities registration and anti-fraud regulations, but the company's CEO Alex Konanykhin refused to compromise and said he would respond to the lawsuit through the court. The SEC accused it of distributing tokens UNIC through airdrops, misleadingly claiming that it was "asset-backed" and "SEC-compliant", and suspected of reselling restricted securities without exemption. Konanykhin called the allegations "promoted by the legacy personnel of the former Gensler era" and planned to countersue the SEC for billions of dollars in losses.