2024

A federal judge ordered the Securities and Exchange Commission (SEC) to pay $1.8 million in fees for its case against Digital Licensing, Debt Box. 
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 🚀 We have some fantastic news to share with our D.E.B.T. Box community today! The U.S. District Court for the District of Utah has officially dismissed the SEC's case against us without prejudice. This means the case is closed, and any future action by the SEC would have to go… <a href="https://t.co/aGiNVxMYbz" target="_blank">pic.twitter.com/aGiNVxMYbz</a>— D.E.B.T. (@TheDebtBox) <a href="https://twitter.com/TheDebtBox/status/1795543929904824522?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 28, 2024</a>
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Judge Robert Shelby in Utah <a href="https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.312.0.pdf" target="_blank" rel="noreferrer noopener nofollow">ordered</a> the SEC to pay $1 million for attorney fees and $750,000 for receiver fees, criticizing the SEC for “bad faith conduct” in freezing Debt Box’s assets, coinciding with the case’s <a href="https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.313.0_22.pdf" target="_blank" rel="noreferrer noopener nofollow">dismissal</a>. 
The SEC’s inaccurate information led to potential sanctions, requiring them to cover all fees arising from their actions, except for one. Debt Box called it a significant win, preventing the SEC from proceeding with the case as is. 
The SEC had sued Debt Box in July 2023, alleging a $50 million illegal crypto scheme. Debt Box countered with evidence of the SEC’s false statements, gaining support against perceived regulatory overreach.&nbsp; 
Amidst heightened scrutiny in its lawsuits against crypto firms like Binance, Kraken, Ripple, and Coinbase, the SEC faces pressure from lawmakers pushing for regulatory clarity through acts such as the Financial Innovation and Technology for the 21st Century Act. 
Debt Box’s victory in the SEC case marks a significant step against regulatory overreach, highlighting the importance of accurate information and fair legal procedures. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/14/coinbase-clo-grewal-criticizes-sec-process-in-debt-box-case/" target="_blank" rel="noreferrer noopener">Coinbase CLO Grewal Criticizes SEC Process in Debt Box Case</a> 
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Judge Orders the U.S. SEC to Pay $1.8M in Debt Box Case

The Crypto Times

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