🚨💼 SEC LAWYERS RESIGN AMID CRYPTO CASE SCANDAL! 💔📉
Two attorneys from the United States Securities and Exchange Commission (SEC) have reportedly stepped down following allegations of "gross abuse" of power and acting in "bad faith" in a crypto case. 😱💼
According to a Bloomberg report on April 22, lead attorneys Michael Welsh and Joseph Watkins, involved in the case against crypto platform DEBT Box, resigned earlier this month. Sources suggest they faced termination if they stayed. 🔥📝
Both lawyers were relatively new to the agency, as per their LinkedIn profiles. Welsh joined in December 2022, while Watkins began in January 2023. 🔍💼
Their resignation follows a court ruling by Chief Judge Robert J. Shelby, who sanctioned the SEC for false statements and misrepresentations in the case against Digital Licensing Inc., also known as DEBT Box. 💥⚖️
Judge Shelby's filing in March described the SEC's conduct as a "gross abuse of power" that undermined the integrity of the proceedings and the judicial process. 🛑📜
Critics of the SEC, particularly under Chair Gary Gensler, have voiced concerns about the agency's "regulation by enforcement" approach. Some argue it creates regulatory uncertainty, stifling innovation and hindering U.S. competitiveness in the digital asset sector. 🌐💼
Stay tuned as the crypto industry continues to navigate the evolving regulatory landscape!
-Professor Mende out!