VERI Community's Amicus Brief Summary

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VERI Community and VeriDAO's Amicus Brief in support of the Motion to Vacate (Dismiss) the SEC's settlement and case against Reggie Middleton and Veritaseum.

Amicus Curiae Brief by VeriDAO supports the Reggie Middleton's Motion to Vacate alleging Fraud Upon the Court by the SEC.

Vacating the judgment could directly affect VERI token holders and VeriDAO members by potentially restoring value or utility to VERI Tokens.

(Exhibit B) Declaration of Michael Biethman
A member of VeriDAO—an unincorporated decentralized autonomous organization of VERI Token holders—describes the severe consequences of the SEC's actions on token holders:

Asset Freeze Impact:
On August 12, 2019, the SEC obtained an ex-parte temporary restraining order (TRO) that froze all Veritaseum assets, shutting down the Veritaseum platforms. This rendered VERI Tokens useless, as holders could no longer redeem, rent, or transact with them, stripping them of their utility.

Settlement Effects:
The SEC's settlement with Veritaseum confiscated approximately 98 million VERI Tokens and permanently enjoined the defendants from supporting the platform, without determining whether the tokens were securities. This led to an immediate collapse in token value and ecosystem viability, leaving holders without legal clarity or support.

No-Action Letter Attempt:
In 2021, VeriDAO sought guidance from the SEC via a No-Action Letter, coordinated by attorney Jeremy Hogan on behalf of the LGC Financial Trust. The SEC denied the request, offered no written decision, labeled the tokens "fraudulent," and prohibited their sale or transfer.

Reputational and Financial Harm:
The SEC's actions and "fraudulent" label caused reputational damage and business losses for token holders, including Biethman, who lost collaborations with agribusiness firms due to legal uncertainty.

VeriDAO's Role:
Initially incorporated as Veri DAO LLC in Wyoming, it was dissolved and now operates as an unincorporated association to represent injured token holders. VeriDAO seeks to participate in the court’s consideration of the defendants’ motion to vacate the judgment, citing direct impact from the SEC’s alleged fraudulent misrepresentations.

VeriDAO’s Amicus Curiae brief supports the defendants’ motion to vacate the judgment under Federal Rule of Civil Procedure (FRCP) 60(d)(3) for fraud upon the court:

Alleged SEC Fraud:
The brief argues that the SEC obtained the TRO and asset freeze using fabricated evidence, specifically misrepresentations about financial transfers (e.g., the Kraken Account), harming the defendants, token holders, and the judicial process.

Correspondence:
On June 12, 2025, McCauley notified both parties of VeriDAO’s intent to file the brief. Defendants’ counsel, Jason Siebert, and SEC counsel, Ben Kuruvilla, responded on June 12 and June 17, respectively, confirming no objections.

Purpose:
The declaration ensures the court that VeriDAO’s participation as amicus curiae is unopposed by the parties.

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https://x.com/SovereignRiz/status/1929510959556518146

Substack -
https://sovereignriz.substack.com/p/pioneering-crypto-inventor-accuses

Reddit -
https://www.reddit.com/r/VeritaseumCommunity/comments/1l1gzzw/pioneering_crypto_inventor_accuses_sec_of/

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DISCLAIMER:

I’d like to advise that the content provided in this video is intended strictly for informational and educational purposes only. This video constitutes a research opinion and should be regarded as such. All claims, statements, allegations, and opinions contained within are based on publicly available information and are allegations unless and until proven in a court of law and are not intended to malign, defame, or harm the reputation of those mentioned. All such statements are offered solely as opinions protected under the principles of free speech. Adding, I am not a lawyer or financial advisor and I’m not employed by Veritaseum or paid by anyone for my efforts.

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