This time, the SEC is in the crypto currency trap
Two lawyers from the legal team of the United States Securities and Exchange Commission were convicted for gross abuse of power.
This time, the SEC is in the crypto currency tTwo lawyers from the legal team of the United States Securities and Exchange Commission were convicted for gross abuse of power.rap:
Michael Welch and Joseph Watkins resigned after being accused of "gross abuse" of their power in the cryptocurrency case.
In July, the SEC accused DEBT Box and its executives of defrauding investors of at least $49 million.
At the regulator's request, Shelby froze the company's assets and placed the firm into receivership.
The SEC's lawsuit against DEBT Box was marred by misrepresentations, false statements, and lack of evidence. Federal District Court Judge Robert Shelby, who oversaw the case, sentenced the agency for misconduct in March.
The missteps have been later apologized by the head of enforcement at SEC.
But after Shelby discovered that there were “materially false and misleading statements” made by the SEC, the asset freeze was lifted.
Furthermore, SEC was ordered to pay some attorneys’ fees for DEBT Box.
Shelby accused Welsh of making wrong arguments in favor of Watkins and his team.
. Watkins was the agency's lead investigative attorney on the case.
They are Digital Licensing Inc. founded a digital currency platform known as DEBT Box.
He served as the lead attorney in the case filed against him.
The two resigned after an official from the Securities and Exchange Organization informed them that their partnership would be terminated if they stayed.
In one of the charges, Wells told the judge that DEBT Box closed its bank accounts and moved its assets overseas. From the investigations, the court realized that this did not happen.
The conviction of the US Securities and Exchange Commission for abuse of power shows that the American judicial system has taken the right path in the administration of justice and from now on we can hope that such incidents will not happen again, or at least these cases in the currency industry. Digital happens much less often.
