Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Two lawyers for the U.S. Securities and Exchange Commission were forced to resign after a federal judge sanctioned the agency last month for committing a “gross abuse of power” while attempting to secure a temporary restraining order against Utah-based crypto company Debt Box, according to a Monday
Michael Welsh, a former lead attorney on the Debt Box case, and Joseph Watkins, an investigative attorney whose declaration served as the foundation for the SEC’s case against Debt Box, were reportedly forced to step down or else be terminated, according to the report, which cited people familiar with the situation.declared that Welsh “is no longer employed by the Securities and Exchange Commission.” Watkins’ LinkedIn page says he is still employed by the agency.
The agency also moved to dismiss the case without prejudice – meaning they would retain the ability to refile the case against Debt Box – but Shelby denied the motion, arguing that his court had “not yet had occasion to evaluate the underlying merits of action.” Apologies were not enough to get the SEC out of hot water – in February, five Senate Republicans sent SEC Chairman Gary Genslerfor conducting itself in “an unethical and unprofessional manner” and suggesting that “other enforcement cases brought by the Commission may be deserving of scrutiny.”in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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