SEC faces sanctions for "gross abuse of power"

U.S. District Judge Robert Shelby accused the U.S. Securities and Exchange Commission (SEC) of serious violations during the process against the DEBT Box crypto exchange.

The trial attracted public attention after DEBT Box representatives accused the SEC of distorting key facts in order to obtain a ban on freezing the assets of the crypto platform. Subsequently, the Commission admitted mistakes, and the chief prosecutor Gurbir Greval apologized for the oversight, urging the court not to attach importance to this fact.

However, Judge Shelby rejected the SEC's request and pointed to numerous cases of "unfair" behavior by representatives of the regulator. He held the Commission accountable for its actions, saying the agency had "significantly undermined the integrity of the judicial process."

Now the SEC is facing sanctions — the agency will have to cover the costs of DEBT Box lawyers and other costs associated with the temporary suspension of the crypto company.

In July 202, the U.S. Securities and Exchange Commission accused DEBT Box of defrauding investors of $50 million by selling unregistered securities to them. Later, the SEC obtained from Judge Shelby a temporary blocking of the exchange's assets, stating that the company's management plans to close bank accounts and leave the United States. In January 2024, the case against the DEBT Box was closed.

Source: https://happycoin.club/sec-grozyat-sankczii-za-gruboe-zloupotreblenie-vlastyu/