The Securities Exchange Commission (SEC) recently issued a Wells Notice to crypto investment firm Unicoin, accusing it of fraud, misconduct, and unregistered securities offerings. Unicoin CEO Alex Konanykhin revealed that the company has sold about $3.50 billion in tokens, has about 70,000 investors, and its tokens are backed by physical assets such as 8,000 acres of land in the Bahamas. SEC Chairperson Gensler will step down in January 2025, a move seen as the last wave of regulatory action against the crypto industry during his tenure. Unicoin has until December 24 to respond, and the company said it will choose legal confrontation over settlement.