A U.S. judge ruled that the SEC committed "serious abuse of power" in its lawsuit against cryptocurrency companies

2024-03-19 08:41:14

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ChainCatcher News, U.S. Federal Judge Robert Shelby ruled that the U.S. Securities and Exchange Commission (SEC) must pay legal fees for the Utah-based cryptocurrency company DEBT Box, which the SEC has sued, finding that it committed serious abuses of power in obtaining a temporary restraining order.

Previously, the SEC sued the cryptocurrency project last year, accusing it of fraud and obtaining a temporary asset freeze and restraining order against the company. According to the SEC, DEBT Box told customers it was selling licenses to mine cryptocurrency, but was actually just creating tokens with code. DEBT Box then sought to lift the temporary restraining order, claiming that the SEC misled the court regarding the company's transfer of funds and closure of bank accounts.

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