The Securities and Exchange Commission has suffered another blow in its crusade against crypto after a judge. ordered The regulator dismissed a lawsuit against Boxer that owed $1.8 million to pay.
Last year, SEC Accused That crypto mining firm DEBT Box “lied to investors” in a “fraudulent scheme” that raised $50 million in Bitcoin and Ethereum.
Yesterday, Utah District Court Judge Robert Shelby ruled that the case was a dud and that the regulator should cough up cash to cover legal costs. The verdict came after the judge. he said. In March, the SEC's behavior was an “abuse of authority granted by Congress.”
The DEBT box has been declared a “huge victory,” said marketing officer Miguel Francis Santiago. Decrypt It's not just a win for the company, he said, but “a win for the Web3 industry as a whole.”
“America's time as a digital desert must end,” he continued. “We're lagging behind on the world stage, and if we don't change that, America will be.”
Laura Sanders, a policy advisor at the nonprofit Blockchain Association, said. Decrypt “It is hoped that this statutory penalty will have the intended effect of discouraging the SEC from using unfair and deceptive methods in any enforcement action.”
said Amanda Tuminelli, chief legal officer of the Diffie Education Fund. Decrypt Judge Shelby could have gone further by dismissing the case with prejudice. However, she said that if the case comes up again, the court will deal with the DBT box.
“The judge placed an important condition on the SEC in the dismissal order: if the SEC chooses to refile this case against the same defendants, they must do so before Judge Shelby,” Tuminelli explained. “And we know Judge Shelby won't forget the first time.”
The SEC – led by longtime chairman Gary Gensler – has relentlessly targeted the crypto industry in recent years, prosecuting several companies for selling unregistered securities.
But it has also been criticized by industry and lawmakers as too onerous.
Last week, both Democrats and Republicans voted unexpectedly They voted To demand a clearer regulatory framework for the crypto sphere – something the industry has been demanding from the SEC for years.
Today, Minnesota Representative Tom Emmer gave a sobering response to the outcome of the DBT box case.
“Gary Gensler makes good use of American taxpayer dollars He wrote.
Edited by Ryan Ozawa.
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