SEC Lawyers Take Bow After Judge Criticizes Agency’s Heavy-Handed Tactics In Crypto Fraud Case: Bloomberg Reports

• Following a Utah judge’s rebuke of the Securities and Exchange Commission (SEC) for a “gross abuse” of power, two of the agency’s lawyers resigned, Bloomberg reported, citing anonymous sources.
• The SEC lawyers who resigned were leading a case against Digital Licensing Inc., also known as the crypto platform Debt Box. According to the Utah judge, the case was “marred by false statements and misrepresentations.”

Two lawyers from the U.S. Securities and Exchange Commission (SEC) recently resigned after a Utah judge condemned the agency for a “gross abuse” of power, Bloomberg reported, citing anonymous sources.

The report also mentioned that the SEC intended to dismiss the two lawyers if they didn’t resign. A federal district court judge in Utah criticized the SEC attorneys, indicating that their case was “marred by false statements and misrepresentations.”

In July, the SEC accused the crypto platform Debt Box of defrauding investors of at least $49 million. However, last month, the judge officially criticized the SEC for its alleged errors in building its case against the company, according to the report.

Crypto organizations and the Securities and Exchange Commission (SEC) have had a contentious relationship, with some leading U.S. crypto firms like Coinbase frequently clashing with the financial regulator.

The SEC has taken steps to drop the case against Debt Box, but the judge has not yet issued a response, according to the report.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.