SEC plans to drop case against DEBT Box, admits making inaccurate statements in court

The U.S. Securities and Exchange Commission (SEC) is seeking to drop a lawsuit against cryptocurrency startup DEBT Box after the agency’s lawyers admitted to making inaccurate statements in court. The agency first sued Digital Licensing Inc., doing business as DEBT Box, in July, telling U.S. District Court Judge Robert Shelby in Utah that it planned to dismiss the lawsuit without charge, meaning the SEC could still refile the case. "The Commission has determined that the best course of action is to dismiss the case without charge," SEC attorneys said in a filing Tuesday. "Accordingly, the Commission has authorized the filing of a motion to dismiss the case, which will be filed soon." The SEC acknowledged in late December that it made inaccurate statements in court and said it "failed" to meet expectations of accuracy and candor in court. Judge Shelby had criticized the agency's lawyers and ordered the SEC to explain "false or misleading" statements it made when it claimed the company was trying to move assets offshore to evade the regulator's jurisdiction.