TechFlow news — On November 27, according to Cointelegraph, U.S. federal judge Ann Marie McIff Allen in Utah denied Kristoffer Krohn, promoter of Green United, his appeal request regarding a September 23 ruling that allowed the U.S. Securities and Exchange Commission (SEC) to proceed with its lawsuit against Green United LLC, stating that Krohn failed to provide grounds for appeal.
In arguing for dismissal, Krohn claimed the SEC had not proven that the Green Boxes offered by Green United constituted investment contracts—the very claim made by the regulator in its complaint. He also argued that the SEC confused elements of the Howey Test used to define securities. However, Judge Allen found Krohn's arguments flawed, accusing him of selectively extracting terms from two different definitions and stating he "provided no legal support showing any court has adopted the definition he describes."
In 2023, the SEC accused Green United executives of operating a fraudulent cryptocurrency mining scheme that defrauded investors of $18 million between April 2018 and December 2022 through the sale of Green Boxes and Green Boxes investment products.
