PANews reported on February 17 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has suspended the fraud lawsuit against the 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 document filed with the Texas federal court on February 14, the agency agreed to suspend the execution of the case it filed in April 2024 after Geosyn CEO Caleb Joseph Ward and the company's former operations director Jeremy George McNutt surrendered to the authorities and appeared in court the day before.
Trump has promised to ease regulatory enforcement on the crypto industry, and the SEC set up a crypto task force last month to engage with the industry and suspended some crypto-related lawsuits. However, the SEC said in a filing on the same day that "neither the SEC's crypto task force nor the current administration's position on the crypto industry should have any impact on this case" because the case is not related to crypto regulation and does not accuse the two of selling cryptocurrencies.
Earlier in April 2024, the US SEC sued Bitcoin miner Geosyn, accusing its founder of defrauding $5.6 million .
