SEC to close case against DEBT Box due to untruthful Statements
The Securities and Exchange Commission (SEC) intends to close the case against the DEBT Box company. Earlier, a federal judge warned SEC lawyers about possible sanctions for providing false information.
The U.S. Securities and Exchange Commission (SEC) has decided to dismiss a lawsuit against cryptocurrency firm DEBT Box. This is reported by The Block with reference to court documents.
"The Commission has authorized the filing of a motion to dismiss this claim without prejudice to itself. All necessary measures will be taken in the near future," the SEC lawyers said.
Recall that in July 2023, the regulator accused DEBT Box of distributing securities without a license. In August, he issued a temporary restraining order to freeze assets, citing the fact that the platform allegedly closes accounts.
The ruling was then overturned on the basis that the company had proven otherwise. The platform did not close accounts or transfer funds abroad.
After examining the DEBT Box case, lawyer John Deaton called the SEC's actions a "gross abuse of power."
David Schwartz, Technical Director of Ripple Labs, sharply criticized the work of the Commission:
"I have just reviewed the documents on the DEBT Box case. This is completely shocking behavior. The SEC has frankly distorted the facts," he said.
Source: Incrypted
