Utah Judge Rejects SEC ‘s Case Against DEBT Box!

Utah Judge Rejects SEC ‘s Case Against DEBT Box!! A federal judge decided on Monday that the SEC acted in bad faith and must pay penalties, including attorney’s fees and costs arising from a lawsuit it filed against the crypto startup DEBT Box.

Utah U.S. District Court Judge Robert Shelby said the SEC will have to pay the legal costs arising from the interim ban order applied to Digital Licensing Inc., which operated as DEBT Box last year.

According to the court decision, the judge also rejected the SEC’s request to dismiss the case impartially. The case included the judge criticizing the SEC’s misleading statements and acknowledging that the institution fell below expectations.

Throughout the 80-page order, Judge Shelby criticized the SEC’s behavior to obtain a temporary restraining order (TRO) that included freezing of assets and a trustee appointed by the court to take over the company’s control.

The Judge said, “As a federal institution, it clearly stated its special status – reminding the court that it had been given this aid several times in the last decade when this immense judicial authority is requested to show that it can be trusted.”

Shelby said, the court gave the TRO that led to the freezing of assets and “turning lives upside down.”

Shelby said, “In the end, after the Defendants had the opportunity to give notice and respond, each of the pillars based on alleged facts constructed by the Commission to show necessary irreparable harm, crumbled under scrutiny.”

“This was not just a single non-definitive statement or unintentional false statement. Every support that the Commission presented and later repeated while requesting the TRO and defending the TRO turned out to be a combination of wrong, misdefined, and misleading,” he said.

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