The relationship between the US Securities and Exchange Commission (SEC) and the burgeoning crypto industry has taken a dramatic turn for the worse. A recent court ruling against the SEC in a case against crypto platform DEBT Box has exposed accusations of misconduct and cast doubt on the agency’s regulatory tactics.
The controversy centers around a lawsuit filed by the SEC in August 2023, alleging a $50 million crypto fraud scheme perpetrated by DEBT Box. To halt the Utah-based company’s operations, the SEC secured a temporary freeze on its assets and restraining orders against its executives.
However, the case unraveled spectacularly in March 2024 when Judge Robert J. Shelby of the Utah District Court sanctioned the SEC for “egregious misrepresentations” during the initial hearing.
SEC UNDER FIRE: LAWYERS RESIGN IN WAKE OF CRYPTO CASE SCANDAL
– Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a federal judge sanctioned the agency for “gross a
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