• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Federal Judge Orders SEC to Pay $1.8M in Fees for Debt Box Case

user avatar

by Giorgi Kostiuk

2 years ago


A federal judge has mandated that the United States Securities and Exchange Commission (SEC) pay around $1.8 million in attorney and receivership fees associated with its civil lawsuit against Digital Licensing, trading as Debt Box. In a filing on May 28 in the U.S. District Court for the District of Utah, Judge Robert Shelby approved an order directing the SEC to cover approximately $1 million for attorney fees and costs and $750,000 for receiver fees and costs. The order coincided with the case's dismissal without prejudice. The judge referenced a previous court ruling in March that criticized the SEC for its conduct related to a temporary restraining order freezing Debt Box's assets. Debt Box argued that the SEC's information was inaccurate, leading to potential sanctions. As a result, the SEC was instructed to pay all attorney fees and costs related to the restraining order. Judge Shelby deemed most costs requested by the defendants as appropriate except for a $649 fee. This outcome was viewed as a significant victory by Debt Box, preventing the SEC from continuing the case in its current form. The SEC had filed a lawsuit in July 2023 accusing Debt Box of operating an illegal $50 million crypto scheme. The company presented evidence suggesting the SEC had made false statements in its attempt to obtain the restraining order, drawing criticism for regulatory overreach in the crypto community. The SEC's legal battles with crypto firms like Binance, Kraken, Ripple, and Coinbase have prompted calls from U.S. lawmakers for regulatory clarity on digital assets through legislation such as the Financial Innovation and Technology for the 21st Century Act.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Asteroid Shiba Inspired by Young Girl's Dream

chest

The Asteroid Shiba memecoin was inspired by Liv Perrotto, a 15-year-old girl who wished for her plush toy to be SpaceX's mascot.

user avatarBayarjavkhlan Ganbaatar

Dogecoin Price Faces Key Resistance as Analysts Await Confirmation

chest

Dogecoin's price remains compressed below 0.01, with analysts predicting a significant move contingent on crucial confirmations.

user avatarMohamed Farouk

Macroeconomic Events May Propel XRP Price Higher

chest

Macroeconomic events, such as rising oil prices and tensions in the Middle East, may lead to increased interest in XRP, potentially driving its price surge to $50-$150.

user avatarMaria Fernandez

CLARITY Act Anticipated to Drive XRP Price to New Heights

chest

The upcoming CLARITY Act is expected to significantly impact XRP's market value, potentially driving its price to new heights.

user avatarElias Mukuru

Russian Supreme Court Rejects Proposed Crypto Legislation

chest

The Supreme Court of Russia has rejected the proposed bill aimed at criminalizing unregistered crypto operations due to a lack of reasoned justification for the criminal penalties outlined in the legislation.

user avatarKenji Takahashi

Russia Moves to Criminalize Unregistered Crypto Operations

chest

A new bill has been introduced in Russia to impose criminal liability on unlicensed crypto operators.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.