Unicoin has rejected the US securities and exchange commission (SEC) attempts to negotiate a settlement agreement to close a running probe to the Miami -based Crypto Company, its CEO Alex Konanykhin revealed in a Tuesday letter to investors.

In his letter, Konanykhin said Unicoin got an “Ultimatum” of SEC to attend a conciliation negotiation meeting last week, April 18.

“We refused to show up,” Konanykhin told Coindesk, adding that SEC had made demands ahead of the meeting that he found “unacceptable.” He refused to share details and told Coindesk that the communication between Unicoin’s lawyers and SEC was confidential.

Unicoin received a Wells message-a kind of official heads-up from SEC, which it intends to submit a enforcement action against the recipient in December, shortly before the former President Gary Gensler stepped down and claimed violations in connection with fraud, misleading practice and offers and sales of unregistered values. No official enforcement action has yet been filed.

Since President Donald Trump joined, SEC has turned his disposable-aggressive attitude towards crypto regulation and support from many of his open studies in crypto companies, including blockchain gaming company unchanging and non-large token (NFT) marketplace, and even some of its ongoing litigation, including against Coinbase and Cumberland DRW.

Other SEC enforcement cases against cryptic companies, including its cases against binance and throne, have been a break while the parties are trying to negotiate a solution. The Agency recently reached a conciliation agreement with Nova Labs, the parent company behind Helium Blockchain, which saw Nova Labs pay a fine of $ 200,000 to settle fees for civilian securities, and SEC fell his claims that Helium (HNT) and other related tokens were securities.

In his letter to investors, Konanykhin claimed that SEC’s probe has caused “Damn of Multi -Billion” at the company and its investors.

“We would probably be a $ 10B+ listed company now if SEC hadn’t blocked our ICO, IPO and fundraising,” wrote Konanykhin, adding that SEC had prevented Unicoin from trading on the “very favorable market opportunities.”

“We were forced into a standstill,” Konanykhin wrote.

SEC did not respond to a request for comment.