Due to fraud allegations filed by the US federal government, the SEC's lawsuit against Bitcoin miner Geosyn has been temporarily put on hold

According to Cointelegraph, the US Securities and Exchange Commission (SEC) has suspended fraud lawsuits against cryptocurrency mining company Geosyn Mining and its executives, following similar allegations made by US federal prosecutors against the company's CEO and two former executives. In a document submitted to the Texas federal court on February 14th, the agency agreed to temporarily suspend the case it filed in April 2024, after Geosyn CEO Caleb Joseph Ward and the company's former operations director Jeremy George McNutt had surrendered to authorities and appeared in court the day before. Trump has promised to relax regulatory enforcement on the cryptocurrency industry, while the SEC established a cryptocurrency task force last month to engage with the industry and suspended some cryptocurrency related lawsuits. However, in a filing submitted on the same day, the SEC stated that "neither the SEC's crypto task force nor the current government's stance on the crypto industry should have any impact on this case," as it is unrelated to crypto regulation and does not charge the two individuals with selling cryptocurrencies. In April 2024, the US SEC sued Bitcoin miner Geosyn, accusing its founder of defrauding $5.6 million.