DEBT Box asked a judge to deny the Securities and Exchange Commission’s decision last month to dismiss the case after it acknowledged inaccurate statements in court.
Digital Licensing Inc., doing business as DEBT Box, was sued by the SEC last year on charges of fraud.
“The SEC wants a double standard, meaning it wants to be treated differently in federal court than what it regulates or attempts to regulate,” DEBT Box said in a filing Wednesday. “If an individual or entity is alleged to have made materially false and misleading statements in the securities markets, the SEC will prosecute under the anti-fraud provisions of the federal securities laws and pursue the most severe monetary and non-monetary sanctions possible in court. Take it from”
DEBT Box backlash comes after SEC recognize An inaccurate statement was made in late December. Judge Robert Shelby of the U.S. District Court in Utah criticized the agency’s attorneys and ordered the SEC to make “false or misleading” statements after they claimed the company was trying to move assets overseas to escape the regulator’s jurisdiction. Ordered to explain the statement.
The SEC said last month that it planned to dismiss the lawsuit without prejudice, meaning regulators could still refile the case.
DEBT Box says you shouldn’t apologize.
SEC Before That’s what I told the court. The court “lacked” the expectation that it would be accurate and candid, made inaccurate statements, failed to correct them, and “made it clear that certain statements were inferences from the facts… rather than directly supporting factual claims.”
The SEC also said it has taken steps to correct its mistakes, including assigning a senior attorney from the regulator’s Denver regional office to oversee the case going forward.
“Apologies from individuals or groups do little to alleviate the problem. Promising to ‘rebuild’ the team or provide additional ethics training does not mean the SEC will walk away from the case. Without a doubt, the SEC will No crime allowed DEBT Box said Wednesday it was ‘doing it again’ to right its wrongs without consequences.
DEBT Box also requested that the March 7 hearing be held as planned, despite the SEC requesting that it be canceled.
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 profit from mining 11 tokens.
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.