TechFlow reported that according to CoinDesk, the Salt Lake City office of the U.S. Securities and Exchange Commission (SEC), which has been controversial for its failed fraud lawsuit against DEBT Box in the cryptocurrency world, will be closed due to a "mass loss" of employees. It is reported that some employees were fired for this case. Previously, SEC lawyers Michael Welsh and Joseph Watkins were sanctioned by a federal judge for "abuse of power" for attempting to freeze the assets of Utah cryptocurrency company DEBT Box for misleading reasons. The two resigned in April.
Last week, the judge dismissed the case and ordered the SEC to pay DEBT Box $1.8 million in legal fees. The SEC said the closure was based on budget and organizational efficiency considerations and that no other regional offices would be closed. In the future, enforcement jurisdiction will be transferred to the SEC's Denver office.
