SEC to Shutter Office Behind Failed DEBT Box Crypto Lawsuit

Hanzin

The Salt Lake City office of the Securities and Exchange Commission (famous in the crypto world for its failed fraud case against DEBT Box) will close after seeing “significant attrition” among its staff, with some of the staff being pushed out due to the lawsuit.

SEC attorneys Michael Welsh and Joseph Watkins resigned in April after a federal judge sanctioned them for “abuse of power” in freezing the assets of Utah-based crypto company DEBT Box on misleading grounds. Just last week, the judge dismissed that case and ordered the SEC to pay DEBT Box $1.8 million in attorney fees.

“The agency considered its budget and organizational efficiency in deciding to close the office and has no plans to close any other regional offices,” he said in a press release.

The SEC said the regulator’s Denver office will take over any enforcement authority.

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