SEC Update
The U.S. Securities and Exchange Commission’s lawsuit against Green United, LLC is nothing more than a misguided attempt to change securities law by lawsuit instead of the legal rulemaking process.
The SEC alleges fraud but notably their filing does not contain a single allegation of a single victim or even an investor losing any money.
Additionally, they try to change the law by classifying hosted mining as a security, a practice performed by numerous public companies. These allegations of wrongdoing are not only baseless but also unprecedented.
While the SEC allocated their limited resources into investigating this matter, they failed to police the fraud and subsequent collapse of FTX. This case is a futile attempt to save face by frivolous lawsuits against innovative members of the blockchain industry.
Several months ago, in an abundance of caution, Green United offered refunds to customers. With the thousands of nodes sold, only a very small minority of node owners requested a refund. The remaining node owners opted to continue participating in the green community. The SEC is aware of this fact but omitted it from their filing because they know it undermines their whole narrative alleging fraud.
Green United intends to fight this case and win.
Green Project Legal Defense Fund
In March 2023, the SEC sued Green United and two individuals for violations of the securities laws. The SEC alleges that Green Boxes and Green Nodes constitute unregistered securities. Green United was dissolved in 2021 and remains in an inoperative, wind-down state. We encourage you to log in to PACER (the electronic filing system for U.S. federal courts) to review the current status of the case. The case is in the District of Utah and is case number 2:23-cv-00159.
Fighting the SEC is extremely costly and the legal fees to defend the case are mounting. Green United does not have any revenue to offset these legal fees and has been relying on one of the individuals to cover its legal fees so far. That individual was dismissed from the case without prejudice on September 8, 2023.
An SEC victory in this case would severely hamper the entire Green project, although the precise impact is not known at this time. In fact, a group of Green node owners filed an amicus curiae brief in the case to inform the judge of the negative impact of the SEC’s case on their nodes. There’s another way to help defeat the SEC. You can contribute crypto to the wallet below. The funds will be used to offset the legal fees incurred by Green United to defend the case. Please read all of the important disclosures below before contributing.
Thank you for your support.
Donate At The Wallet Address Below
0x80972Dc04290B8AfFbfc92A58132687E3113c2b4
PLEASE SEND ETH/ERC-20
DISCLOSURES – PLEASE READ BEFORE CONTRIBUTING
• The wallet is controlled by a law firm, Blockade United, PLLC. Blockade acts as counsel to Green United.
• Blockade will only use the funds to pay legal fees (including experts and other firms engaged to assist in the defense of Green United).
• Blockade does not and cannot guarantee or warrant a particular outcome of the case. Green United reserves the right to take any action in the case (including settling) that deems to be in its best interests.
• If funds are collected in excess of the legal fees incurred when the case is concluded (including all appeals), the remaining funds will be turned over to Green United to cover outstanding financial obligations.
• Your contribution is not tax deductible.
• Your contribution does not create an attorney-client relationship.
• Your contribution does not give you any rights in connection with directing the defense of the case or negotiating a possible settlement.
• The attorneys representing Green United do not represent you unless you secure a separate, direct engagement of those attorneys..
• The attorneys representing Green United do not represent you unless you secure a separate, direct engagement of those attorneys..
• Please engage your own attorney if you have any questions about this legal defense fund.
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