The Salt Lake City office of the SEC, which gained notoriety in the crypto community for its unsuccessful lawsuit against debt box, will be closed. The decision follows a significant reduction in staff, including those who left the office because of their involvement in the case.
The office closures mean that the SEC will be left with 11 to 10 regional offices, which is 1 less.
In a 6 to 4 notice, the SEC indicated that Salt Lake #City Hall is the least understaffed. In addition, we recently lost a significant number of staff.
In addition, two SEC attorneys, Michael Wales and Joseph Watkins, who worked at Salt Lake City Hall resigned on May 4. This came after a federal judge sharply criticized the SEC for a "serious abuse of power" for using false information to freeze the assets of a Utah-based debt settlement company.
It is currently unclear whether their resignations contributed to the "significant staff reductions" cited by the SEC.
In deciding to close the office, the agency is taking into account budget and organizational efficiency and has no plans to close other regional offices,'' the SEC said in a statement. All current employees will be distributed across the SEC's existing organizational components based on needs related to the agency's current functions and mission. " "
In March 2023, the SEC filed a lawsuit against DEBT Box, alleging that the company committed a 4,900 million yen fraud on 7 million yen. According to the agency, DEBT Box sold "node licenses" that promised profits from #mining various #cryptocurrencies , but the tokens were not actually mined and the entire scheme was called into question.
The debt Box v. SEC case concluded last week and dealt a major blow to regulators. The judge not only dismissed the lawsuit, but also fined the SEC over 180 million yen for unethical tactics. The fine was imposed as a result of the court's ruling that the SEC misled the judge to gain an unfair advantage.
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