Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»A Utah judge denied the SEC’s request to dismiss the DEBT Box case and imposed sanctions.
ADOPTION NEWS

A Utah judge denied the SEC’s request to dismiss the DEBT Box case and imposed sanctions.

By Crypto FlexsMarch 18, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
A Utah judge denied the SEC’s request to dismiss the DEBT Box case and imposed sanctions.
Share
Facebook Twitter LinkedIn Pinterest Email

A federal judge ruled Monday that the Securities and Exchange Commission acted in bad faith stemming from a lawsuit it filed against cryptocurrency startup DEBT Box and should impose sanctions including attorneys’ fees and costs.

Judge Robert Shelby of U.S. District Court in Utah said the SEC must pay legal fees as a result of a temporary restraining order imposed last year on Digital Licensing Inc., which does business as DEBT Box. The judge also denied the SEC’s decision to dismiss the case without prejudice, according to the court order. The case included a judge criticizing the SEC’s misleading statements and acknowledging that the agency had fallen short of expectations.

Throughout the 80-page order, Judge Shelby criticized the SEC’s actions in obtaining temporary restraining orders (TROs), including freezing assets and court-appointed receivers to assume control of the companies.

“We explicitly traded on our special status as a federal agency, reminding the court that we have received this relief several times over the past decade to show that we can be trusted when we ask to exercise this enormous judicial power,” said Shelby. .

The court approved the TRO, which froze assets and “turned lives upside down,” said Shelby.

“Ultimately, once the defendants were notified and had an opportunity to respond, each of the pillars of the purported factual foundation upon which the Commission built to create the required indication of irreparable harm fell apart upon examination,” said Shelby. “It was not a single inaccurate statement or negligent misrepresentation. Each of the assistance the Commission provided in seeking the TRO and later repeated in defense of the TRO turned out to be a combination of falsehood, mischaracterization and misunderstanding. ”

An SEC spokesperson said in a statement emailed to The Block that the agency is reviewing the decision.

Motion to Dismiss

The SEC filed: fire The suit was filed without prejudice in January, meaning regulators can refile the case. Judge Shelby denied that on Monday.

SEC recognize In late December, it said it had made inaccurate statements and “fell short” of expectations to be accurate and candid in court. Judge Shelby criticized the agency’s lawyers and ordered the SEC to account for “false or misleading” statements after the company claimed it was trying to move assets overseas to escape the regulator’s jurisdiction.

The SEC’s lawsuit against DEBT Box alleged that it defrauded thousands of investors out of at least $49 million by offering customers so-called “node licenses” that allowed them to mine 11 tokens for profit.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Best Cryptocurrencies to Buy Now on March 3 – XRP, Cronos, Cardano

March 4, 2024

This is why XRP soared: usefulness in a bull market

March 12, 2024

eth2 quick update number 10

February 8, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.