Republican senators are unhappy with SEC Chairman Gary Gensler for making inaccurate statements in his lawsuit against crypto startup DEBT Box.
Senators Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee, Katie Boyd Britt of Alabama, Thom Tillis of North Carolina and J.D. Vance of Ohio wrote to Gensler on Wednesday. , the SEC’s mission to protect investors and maintain fair markets was “undermined” by the way it handled the case.
“We are deeply concerned about the commission’s conduct in this case,” they said in the letter. “It is important for any federal agency — especially one that is regularly involved in significant legal proceedings and, under your leadership, has been routinely and repeatedly prosecuted through enforcement actions. It is inconceivable that an agency that was not governed by rules to pursue its regulatory mandate could operate in such an unethical and unprofessional manner."
The SEC first sued Digital Licensing Inc., which did business as DEBT Box, in July, accusing it of defrauding thousands by providing customers with so-called "node licenses" to profit from mining 11 tokens. Investors raised at least $49 million, although the tokens were never mined.
Cointelegraph