As a seasoned crypto investor with a keen interest in regulatory developments, I can’t help but feel a sense of vindication upon hearing about the SEC’s Salt Lake City office shutting down. I’ve seen my fair share of misguided actions by regulators in this space, and this case against DEBT Box is a prime example.
The Securities and Exchange Commission (SEC) office in Salt Lake City, infamous for its unsuccessful fraud prosecution against DEBT Box, is set to close due to a substantial loss of employees. Some staff members were reportedly let go in connection to the contentious legal case.
Federal judge rebuked SEC attorneys Michael Welsh and Joseph Watkins in April for egregiously misrepresenting facts, leading to an unjust attempt to seize assets from Utah-based crypto firm DEBT Box. A week ago, the judge terminated the case and mandated the SEC to compensate DEBT Box with $1.8 million in legal expenses.
In making the decision to shut down the office, the agency weighed its financial resources and operational productivity. The announcement does not indicate any intention of closing additional regional offices.
The regulator’s Denver office will take over any enforcement jurisdiction, the SEC said.
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2024-06-04 23:01