A judge ordered the U.S. Securities and Exchange Commission to pay $1.8 million following “bad faith conduct” over a temporary restraining order to freeze DEBT Box’s assets.
The United States Securities and Exchange Commission will close one of its eleven regional offices after a federal judge ordered the regulator to pay roughly $1.8 million in attorney and receivership fees.it would close its Salt Lake Regional Office in 2024—just one of eleven regional offices in the country. The commission said the closure was due to “significant attrition” at the office and planned to shift operations to Denver.against Digital Licensing, the firm doing business as DEBT Box.
The SEC filed its lawsuit against DEBT Box in July 2023, alleging the firm perpetrated an illegal $50 million crypto scheme. However, in March, Judge Shelby found the SEC “engaged in bad faith conduct” over a temporary restraining order to freeze DEBT Box’s assets. The judgereportedly resigned over the handling
of the case. It’s unclear whether their departure may have contributed to the “significant attrition” to which the commission referred. Cointelegraph reached out to DEBT Box but did not receive a response at the time of publication.Coinbase chief legal officer Paul Grewal in a June 4 X post.
The commission has ongoing enforcement actions against several crypto firms, including Coinbase, Binance, Kraken and Ripple. In May, lawyers for Terraform Labs and its co-founder Do Kwon announced that they hadRoaring Kitty’s $300M GME position sparks market manipulation claims
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