U.S. District Court Sanctions SEC for Serious Abuse of Power in Debt Box Case

A U.S. district court has imposed sanctions on the U.S. Securities and Exchange Commission for malicious conduct and abuse of power in a case against cryptocurrency company Debt Box. The SEC initially filed a motion to dismiss without prejudice, but Judge Robert J. Shelby denied the motion and slammed the SEC for knowingly providing the court with false evidence to secure a temporary restraining order (TRO) and freeze Debt Box last August. assets. Shelby said in a filing on March 18 this year that the SEC's actions constituted a serious abuse of the powers delegated to it by Congress and seriously undermined the integrity of these proceedings and the judicial process. Shelby explained that the “key evidence” presented by the SEC lacked merit but was nonetheless presented in a “deliberately false and misleading manner.” Shelby said such malicious conduct was inextricably linked to abuse and that sanctions for attorney's fees and all costs incurred as a result of the conduct were appropriate. (Cointelegraph)