It has also emerged that the Securities and Exchange Commission (SEC) is set to shut down its Salt Lake City office. This office received quite attention in the crypto world after its participation in the failed fraud lawsuit against DEBT Box. Due to the amount of staff turnover, which partly stems from the case, the centre has decided to close down.
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.
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.
Also Read:
Why Ethereum Price is not Sky Rocketing After Ether ETFs
Can Internet Computer (ICP) Coin Revisit its all-time high?
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.
Doc A is knowledgeable in content writing and freelancing in the field of cryptocurrency where there is so much changing at every exigent moment. Able to think strategically and analyze complex systems, Doc A is a masterful writer who can provide important information and analysis to help people navigate the world of crypto investments.