Bloomberg: Two lawyers from the U.S. SEC resign after being accused of "abusing power" in a cryptocurrency case

2024-04-23 08:07:59

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ChainCatcher news, according to Bloomberg, two lawyers from the U.S. Securities and Exchange Commission (SEC) have resigned after a federal judge harshly criticized the Wall Street regulator for "serious abuse" of power in a cryptocurrency case.

According to sources, Michael Welsh and Joseph Watkins resigned this month after an SEC official told them they would be fired if they continued to stay. The two were the lead attorneys in a case against Digital Licensing Inc. (a cryptocurrency platform known as DEBT Box).

U.S. District Court Judge Robert Shelby in Salt Lake City stated that the regulator's lawsuit against DEBT Box was harmed by false statements and misrepresentations, as well as a lack of evidence. Shelby took extreme measures in March to sanction the agency for its abuse of power, and the SEC's enforcement chief has already apologized for these mistakes.

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