% 1.19
BTC Dominance:
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
$ 66.134
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

SEC Closes Salt Lake City Office After DEBT Box Case

Sec Debt Box

The judge dismissed the Securities and Exchange Commission (SEC) action against DEBT Box last Monday, following a regulator filing for dismissal without prejudice.

Renowned in the crypto scene for its botched fraud lawsuit against DEBT Box, the Securities and Exchange Commission’s Salt Lake City office will close following “significant attrition” among its employees, some of whom were ousted over the matter.

Related: Hong Kong SFC Urges VATPs to Secure Licenses Amidst Growing Crypto Market

After a federal judge fined them for “gross abuse of power” in trying to freeze the assets of Utah-based crypto startup DEBT Box on deceptive grounds, SEC attorneys Michael Welsh and Joseph Watkins resigned in April. The judge rejected the complaint just last week, and then directed the SEC to pay DEBT Box $1.8 million in legal fees.

A news release noted, “The agency considered its budget and organizational efficiency in deciding to close the office, and it has no plans to close any other regional offices.”

The regulator’s Denver office will assume control over any enforcement authority, the SEC stated.

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