A federal judge orders the United States Securities and Exchange Commission (SEC) to pay approximately $1.8 million in attorney and receivership fees in the case against Digital Licensing, operating as Debt Box.
On 28 May, Judge Robert Shelby signs off on the payment order, including $1 million for attorney fees and $750,000 for receiver fees. The ruling follows the dismissal of the case without prejudice on the same day. This decision references a March ruling where the SEC was found to have acted in "bad faith" regarding a temporary restraining order against Debt Box.
Source:Courtlistener
The SEC faces sanctions for providing inaccurate information leading to the restraining order. The court requires the SEC to cover all attorney fees and costs except a $649 fee, deeming the defendants' cost requests "appropriate."
Debt Box hails the ruling as a victory. They state on 28 May that the SEC cannot continue with the case in its current form. The initial lawsuit from July 2023 accused Debt Box of conducting an illegal $50 million crypto scheme. Documents presented by the company suggest the SEC made false claims to obtain the restraining order, leading to accusations of regulatory overreach within the crypto community.
The SEC is involved in multiple lawsuits with other crypto firms, such as Binance, Kraken, Ripple, and Coinbase. The case underscores the ongoing debate about regulatory clarity for digital assets in the United States. Lawmakers continue to push for clearer regulations through legislation like the Financial Innovation and Technology for the 21st Century Act.
A judge orders the SEC to pay $1.8 million in fees after dismissing the Debt Box case, citing bad faith conduct by the SEC.
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