Republican senators have a bone to pick with the SEC Chair over inaccurate statements the agency made in its DEBT Box lawsuit.
Republican senators have a bone to pick with Securities and Exchange Commission Chair Gary Gensler over inaccurate statements the agency made in its lawsuit against crypto startup DEBT Box.
"We are greatly concerned by the Commission’s conduct in this case," they said in the letter. "It is unconscionable that any federal agency—especially one regularly involved in highly consequential legal procedures and one that, under your leadership, has often pursued its regulatory mission through enforcement actions rather than rulemakings—could operate in such an unethical and unprofessional manner.
The agency later said in late December that it made inaccurate statements and said it "fell short" of the expectations to be accurate and candid in the court. Utah U.S. District Court Judge Robert Shelby had criticized the agency's lawyers and ordered the SEC to explain "false or misleading" statements after it claimed the company was trying to move assets overseas in order to escape the regulator's jurisdiction.
“The SEC Director of Enforcement holds a position of trust and confidence, and the American people expect him to act with the highest ethical and moral conduct," said Chris Iacovella, CEO of ASA in a statement. "Instead of upholding that standard, his division intentionally misled a federal court in pursuit of a political agenda against an industry the SEC doesn’t like.”
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