The U.S. Securities and Exchange Commission (SEC) has filed a joint motion with the Southern District of New York to dismiss its civil fraud lawsuit against Nader Al-Naji with prejudice. This legal action prevents the SEC from refiling the same charges in the future. The case, initiated in July 2024, accused Al-Naji of raising over $257 million through the unregistered sale of BitClout platform tokens (BTCLT) and allegedly using more than $7 million of investor funds for personal expenses.