Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on March 26, 2024, 11:11:20 AM
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SEC Sanctioned By Court for ‘Gross Abuse Of Power’ In Crypto Case
The Securities and Exchange Commission (SEC) has been slapped with sanctions by a U.S. district court after one of its numerous enforcement actions against the crypto industry badly backfired.
In an order (https://assets.ctfassets.net/c5bd0wqjc7v0/1u6cDaFa3REg8wHUc6onZ8/e1257f64a80ca440d887f67821f872fe/Debt_Box_Order.pdf) filed on Monday, Judge Robert J. Shelby accused the SEC of “bad faith conduct” by misleading the court to obtain a temporary restraining order (TRO) against Debt Box following its complaint against the company in July. Read more here (https://decrypt.co/222376/sec-court-sanction-gross-abuse-of-power-debt-box).
While we already know SEC going too far sometimes, i didn't expect another government institution to take action. Although i don't expect SEC to reform since the action happens on district level. Your opinion is greatly appreciated.
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This quote from Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund, sums it all up of what's wrong with this case and how low SEC resorted just to supposedly win the case: "SEC was so focused on its own advocacy that it lied to the court in order to bolster its position..." Actually, this is so unbelievable because SEC should uphold the highest standard and is expected to be on top of things in enforcing its regulatory powers. I am not anymore wondering why many other crypto firms are now fighting SEC especially if they think the agency overstep the boundary and is in fact violating ethics and maybe even the law it swore to enforce to all. I am really wishing that SEC will soon get the beating in the XRP case.
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I was laughing at the fact that SEC made it appear that the defendants were closing their accounts to move their funds overseas when in fact it was the bank that did it. Later, the SEC claimed it's irrelevant who closed it ;D No shame at all.
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Looks like they're trying to get some leeway so they can sue Debt Box again without facing any hurdles. I'm surprised if they get away with it scot-free, wouldn't that set a precedent that they can make up a case out of thin air and say "sorry" if someone looks like they can defend their case well? It is no longer about the SEC abusing power and breaking boundaries with other government bodies, just straight up making shit up to get a lawsuit. I don't think that's how a government agency should behave.