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Home»BITCOIN NEWS»Here’s why the court threatened to sanction the SEC in a legal battle with cryptocurrency companies:
BITCOIN NEWS

Here’s why the court threatened to sanction the SEC in a legal battle with cryptocurrency companies:

By Crypto FlexsDecember 2, 20233 Mins Read
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Here’s why the court threatened to sanction the SEC in a legal battle with cryptocurrency companies:
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A US district court has warned the US SEC about a series of misinterpretations in its charges against cryptocurrency company Debt Box. The court threatened formal sanctions if the regulator failed to substantiate its claims.

Court questions SEC lawyers’ inaccuracies in cryptocurrency case

U.S. District Judge Robert Shelby has called out lawyers for the U.S. Securities and Exchange Commission (SEC) over several inconsistencies in statements and claims made against Debt Box, a blockchain technology network.

In early August 2023, the SEC received the following warrants: Temporary Asset Freeze and Restraining Order against Debt Box. According to the SEC, Debt Box allegedly violated securities laws by selling unregistered securities called “node licenses” and defrauding investors of at least $49 million.

In court documents, U.S. SEC attorney Michael Welsh made various claims against Debt Box. The committee informed Judge Shelby that Debt Box was attempting to move assets and investor funds overseas, potentially evading U.S. regulators.

“In the last 48 hours as well, the defendants have closed additional bank accounts, I don’t recall, but I believe the number was around 33 bank accounts.”

He said: “Just days before the TRO hearing, consistent with counsel’s statement to the court, the Commission learned that a significant portion of the funds held in two bank accounts controlled by defendant, including the account controlled by DEBT Box, had been substantially drained. added. asset.”

In response to the SEC’s claims, Debt Box Attorneys and DEBT Council Defendants presented evidence that fully rebuts the SEC’s claims. The defendants provided documentation showing that most of the 33 accounts the defendants referenced were of this nature. secretary It was closed by the bank, not by the defendant.

Additionally, Debt Box attorneys said the company has begun planning to move to: United Arab Emirates (UAE), one year before the Commission requested a temporary restraining order (TRO). Finally, defendants clearly established that $720,000 in funds taken from closed accounts was transferred to Mountain America Credit Union and not overseas.

Considering the significant gap SEC’s claim Due to the regulator’s lack of substantial evidence, the court issued a “show cause order.” Accordingly, the US SEC must provide evidence and information substantiating various false statements and interpretations.

Total market cap at $1.426 trillion | Source: Crypto Total Market Cap on Tradingview.com

Judge Problem Display Cause Order

After finding several misinterpretations by the SEC of the allegations against Debt Box, Judge Robert Shelby outlined five specific misstatements and ordered the regulator to address them.

The judge asserted that the SEC provided materially false and misleading information, emphasizing that failure to provide the SEC with adequate information and evidence for its claims would result in a violation of Rule 11(b).

In conclusion, the court ruled as follows: American stock exchange You will have 14 days to respond to the order, and failure to comply or provide appropriate information will result in applicable sanctions.

Featured image from Crypto News, chart from Tradingview.com

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