SEC Shuts Down Office After DEBT Box Crypto Lawsuit Flop

SEC Shuts Down Office After DEBT Box Crypto Lawsuit Flop

In April, two more high-profile lawyers, Michael Welsh and Joseph Watkins, left the SEC. They left office following a federal court reprimanding them for a “gross abuse of power” after they attempted to freeze the assets of Utah-based DEBT Box – a crypto firm under false pretenses. A judge recently threw out the case and ordered the SEC to compensate DEBT Box for $1. Up to $ 8 million for legal costs.

DEBT Box Crypto Lawsuit

In an official statement made to the public by the SEC the problems of budget and efficiency of the organizational structure were cited as the causes for the closing of the office in Salt Lake City. The regulator emphasised that there were no plans to shut any other regional office.

The Salt Lake City enforcement office will be transferred to the enforcement office located in Denver, SEC. This direction is aimed at guaranteeing that there is constant supervisory intervention without interruption.

Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

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