Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
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

Development of Ether Leeum: PECTRA, Fusaka and Glamsterdam

June 4, 2025

With the new record height, gold climbing goes well with the price of Bitcoin.

June 4, 2025

Telegram reveals direct messaging on channel and HD photo sharing.

June 4, 2025
Add A Comment

Comments are closed.

Recent Posts

Analyst says Solana blinks a very promising optimistic setting and predicts the rally for two lowlands Altcoin.

June 4, 2025

Development of Ether Leeum: PECTRA, Fusaka and Glamsterdam

June 4, 2025

The reason why Flock token surpasses the encryption market with three digits

June 4, 2025

With the new record height, gold climbing goes well with the price of Bitcoin.

June 4, 2025

Trump’s son confirms that the team launches a password wallet and refuses to link to the circulating website.

June 4, 2025

Will the price of TRX follow the rise in the network of TRON?

June 4, 2025

Telegram reveals direct messaging on channel and HD photo sharing.

June 4, 2025

How to analyze the market moves like a pros

June 4, 2025

Introduction to Krakeen Prime, a full -service prime brokerage for customer creepto customers

June 4, 2025

The Mara report recorded Bitcoin mining performance in May 2025.

June 4, 2025

In 2025, the Cryptocurrency holders earned $ 45,700 for seven days, revealing the secrets of the big profits of cloud mining.

June 4, 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

Analyst says Solana blinks a very promising optimistic setting and predicts the rally for two lowlands Altcoin.

June 4, 2025

Development of Ether Leeum: PECTRA, Fusaka and Glamsterdam

June 4, 2025

The reason why Flock token surpasses the encryption market with three digits

June 4, 2025
Most Popular

Peter Schiff says Bitcoin is in a ‘stealth bear market’ when it is priced relative to gold.

April 16, 2024

Blackrock’s Bitcoin ETF hits record daily inflows of $1.1 billion

November 8, 2024

Get Rich with DevCoin: The Ultimate Guide to Making Money in the Cryptocurrency Market – The Defi Info

January 16, 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.