Abramoff-linked crypto firm says SEC has no case against it

According to court documents Oct. 20, Rowland Marcus Andrade and his company NAC Foundation asked a San Francisco federal judge to dismiss the SEC’s June lawsuit alleging that he and his associate Jack Abramoff defrauded investors in a $5.6 million token offering. According to the defendant, the SEC was aware that he held patents for Anti-Money Laundering technology related to NAC Foundation’s digital currency known as “AML BitCoin.”.

Furthermore, Andrade said that the sale terms of AML BitCoin made it clear that the tokens were not investment contracts. As reported, the SEC brought an action against Andrade and NAC Foundation in late June 2020.

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