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CRYPTO CASE FIASCO LEADS TO COMPLETE SHUTDOWN OF SEC OFFICE IN THIS CITY

by Ronaldo Marquez
19 hours ago
in Crypto News
0


As a result of its ongoing crackdown on the nascent crypto industry and mounting
unfavorable results in its cases against digital asset platforms, the US
Securities and Exchange Commission (SEC) has announced the impending closure of
its regional office in Salt Lake City, citing “significant attrition.” 

The Salt Lake City office is the SEC’s sole regional outpost, and its
enforcement authority is limited to a single state. Utah’s jurisdiction will now
be transferred to the SEC’s Denver office while the regulator affirms its
commitment to keeping other regional offices open.




SEC’S LOSS IN DEBT BOX CRYPTO CASE 

According to the Wall Street Journal, the decision to close the Salt Lake City
office comes after a turbulent period, primarily associated with the SEC’s
failed enforcement action against Digital Licensing, also known as Debt Box, a
cryptocurrency platform. 

People familiar with the matter clarify that the office closure is related to,
but not solely a consequence of, the SEC’s setback in the Debt Box case.

Related Reading: Bitwise CIO Predicts Crypto Market Catalyst Bigger Than
Blackrock’s Entry

In August of the previous year, the Salt Lake City office secured a temporary
asset freeze and restraining order against Debt Box, as it accused the company
and its principals of defrauding investors of at least $49 million. 

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However, in November, Judge Robert Shelby expressed concerns over material
misrepresentations by SEC lawyers from the Salt Lake City office while obtaining
the temporary restraining order. 

The following month, SEC enforcement director Gurbir Grewal apologized in a
court filing, and in January, the agency filed a motion to dismiss the case.

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SEC ORDERED TO PAY $1.8 MILLION IN FEES

Despite initial admissions of mistakes and apologies for the “shortfall” in the
case, the SEC’s attempt at damage control proved ineffective. In an 80-page
ruling, Judge Shelby imposed sanctions on the SEC, requiring them to cover Debt
Box’s legal fees related to the temporary restraining order. Furthermore, the
judge denied the SEC’s motion to dismiss the lawsuit without prejudice. 

The SEC faced another setback when ordered to pay Debt Box approximately $1.8
million in fees, including receiver fees and legal expenses.

Debt Box expressed satisfaction with the dismissal, characterizing it as a
significant victory. However, the SEC’s legal entanglements within
cryptocurrency are far from over. 

The regulatory agency continues to face ongoing challenges with prominent
cryptocurrency companies such as Binance, Kraken, Ripple, and Coinbase, in
addition to its unresolved conflict with Debt Box.

Related Reading: Crypto Cash Splash: Coinbase, Ripple Shell Out $25 Million Each
To Influence Elections

The Salt Lake City office experienced personnel departures after the Debt Box
case. Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned in April,
while the office’s director, Tracy Combs, also stepped down in May.

As the SEC grapples with the fallout from its failed enforcement action and the
closure of its Salt Lake City office, its engagements with major cryptocurrency
industry players remain in the spotlight. 

The daily chart shows the total crypto market cap’s valuation at $2.55 trillion.
Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 


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RONALDO MARQUEZ

Ronaldo is a seasoned crypto enthusiast with over four years of experience in
the field. He is passionate about exploring the vast and dynamic world of
decentralized finance (DeFi) and its practical applications for achieving
economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and
expertise in the DeFi space, as he believes it holds tremendous potential for
transforming the traditional financial landscape.




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