U.S. District Judge Ann Marie McIff Allen of Utah denied the appeal request from Kristoffer Krohn, a promoter of Green United, regarding her September 23 ruling that allowed the U.S. Securities and Exchange Commission (SEC) to sue Green United LLC. The judge stated that Krohn failed to provide grounds for the appeal. During the argument to dismiss the lawsuit, Krohn argued that the SEC had not proven that the Green Boxes offered by Green United were investment contracts, which is exactly what the regulator claimed in its complaint. He also argued that the SEC confused elements of the Howey test that defines securities. However, Judge Allen stated that Krohn's arguments were incorrect, accusing him of cherry-picking terms from two different definitions and that he 'provided no legal support to show that any court has adopted the definition he described.' In 2023, the SEC charged executives of Green United with operating a fraudulent cryptocurrency mining scheme that defrauded investors of $18 million through the sale of Green Boxes and Green Boxes investment products from April 2018 to December 2022. (Cointelegraph)

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