U.S. District Judge Ann Marie McIff Allen of Utah denied the appeal by Green United promoter Kristoffer Krohn regarding the September 23 ruling that allowed the U.S. Securities and Exchange Commission (SEC) to sue Green United LLC, stating that Krohn failed to provide grounds for the appeal. In the arguments to dismiss the lawsuit, Krohn contended that the SEC failed to prove that the Green Boxes offered by Green United were investment contracts, which the agency claimed in its complaint. He also argued that the SEC confused elements of the Howey test for defining securities. However, Judge Allen stated that Krohn's arguments were incorrect, accusing him of selectively quoting terms from two different definitions and that he 'failed to provide any legal support to show that any court adopted the definition he described.' In 2023, the SEC charged that executives of Green United operated a fraudulent cryptocurrency mining scheme that defrauded investors of $18 million through the sale of Green Boxes and Green Box investment products between April 2018 and December 2022. (Cointelegraph)

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