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<ul><li>SEC attorneys apologize to the U.S. District Court for misrepresenting facts in the restraining order and asset freeze against DEBT Box.</li><li>Judge Robert Shelby expressed concern over the SEC&#39;s misleading representations, leading to a reevaluation of the case and proposed mandatory staff training.</li><li>The SEC argued that its staff did not engage in bad-faith conduct and that mandatory training would address the issues</li></ul>The Securities and Exchange Commission (SEC) attorneys have formally <a href="https://fortune.com/crypto/2023/12/01/federal-judge-sec-crypto-debt-box-rebuke-restraining-order-gensler/" rel="noopener noreferrer nofollow">apologized</a> for misrepresenting facts in a case against the cryptocurrency firm, Digital Licensing Inc., or DEBT Box. The apology was directed to a U.S. District Court in Utah following a judge&#39;s demand for an explanation regarding the SEC&#39;s actions, which included a restraining order and asset freeze on the firm.The SEC enforcement chief Gurbir Grewal <a href="https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.233.6.pdf" rel="noopener noreferrer nofollow">acknowledged</a> the agency&#39;s failure to meet its standards, emphasizing the extraordinary responsibility of the SEC in enforcing federal securities laws. The SEC&#39;s <a href="https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.233.0.pdf" rel="noopener noreferrer nofollow">27-page response</a> admitted to shortcomings and outlined plans for mandatory training for the staff involved in the investigation.The case against DEBT Box, initiated in July, <a href="https://www.sec.gov/news/press-release/2023-146" rel="noopener noreferrer nofollow">accused</a> the firm of defrauding investors of nearly $50 million. The SEC sought a temporary restraining order and asset seizure, arguing that the defendants were attempting to move operations overseas to evade regulatory oversight. However, the defendants contested the SEC&#39;s claims, leading to scrutiny of the SEC&#39;s representations in court.Read full article at <a href="https://cryptotale.org/sec-admits-fault-in-crypto-case-vows-to-improve-investigation-practices/" rel="noopener noreferrer nofollow">CryptoTale.</a>

SEC Admits Fault in Crypto Case, Vows to Improve Investigation Practices

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