According to CoinDesk, the Salt Lake City office of the Securities and Exchange Commission (SEC), known in the crypto world for its unsuccessful fraud lawsuit against DEBT Box, is set to close due to 'significant attrition' among its staff. Some of these staff members were reportedly forced out due to the case.
SEC lawyers Michael Welsh and Joseph Watkins stepped down in April after a federal judge penalized them for a 'gross abuse of power'. They had attempted to freeze the assets of Utah-based crypto company DEBT Box on deceptive grounds. The judge dismissed the case last week and ordered the SEC to pay DEBT Box $1.8 million in legal fees.
The decision to close the office was based on considerations of the agency's budget and organizational efficiency. The SEC has confirmed that it has no plans to close any other regional offices. The Denver office of the regulator will assume any enforcement jurisdiction, the SEC announced.