SEC Faces Sanctions for ‘Gross Abuse of Power’ in Debt Box Case

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SEC Faces Sanctions for ‘Gross Abuse of Power’ in Debt Box Case
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On Monday, U.S. District Judge Robert Shelby levied sanctions against the Securities and Exchange Commission in response to accusations of serious misconduct in the legal action against Utah-based cryptocurrency firm DEBT Box.

However, in Monday’s decision, Judge Shelby rejected the SEC’s request and highlighted multiple instances of “bad faith” conduct. He held the agency accountable for its actions, stating that it had “substantially undermined the integrity of these proceedings and the judicial process.” DEBT Box faced legal action from the SEC in July for allegedly defrauding investors of nearly $50 million through the sale of unregistered securities.

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