Published May 29, 20242 min read

SEC's Power Abuse Exposed: Judge Shelby's Ruling in Debt Box Case Shakes Trust

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artwork image for: Judge Shelby Overturns SEC's Case Against Debt Box, Highlighting Regulatory Misconduct

Nowadays, the regulation of cryptocurrency continues to be active. The main and well-known regulator in this field is the SEC (U.S. Securities and Exchange Commission), which has been actively pursuing companies in the Web3 industry from 2023 to 2024, accusing them of dishonesty and legal violations. However, the regulator has recently faced significant criticism for its negligent work.

In today's news article, Coinmooner wishes to inform readers in detail about the recent decision by Judge Shelby, which overturned the SEC's actions against the company Debt Box. The judge pointed out false accusations and gross abuse of power by the regulator.

The regulator claimed that Debt Box was transferring funds worldwide, which, according to the SEC, violated several legal norms. However, during the court proceedings, it was revealed that the assets were transferred exclusively within the United States. Judge Shelby emphasized that the SEC had grossly abused its authority granted by Congress, seriously disrupting the judicial process and undermining trust in the regulator. Overall, such behavior by the SEC provokes a wave of criticism among users and companies online and raises numerous questions about the legality and professionalism of its actions.


Debt Box Case Sparks Debate: Judge Shelby Denounces SEC's Legal Violations and Carelessness

Coinmooner has taken on the mission of thoroughly investigating this case and uncovered incredible details. It turns out that Judge Robert J. Shelby exposed the SEC for misleading the court. In August 2023, the regulator accused Debt Box of cryptocurrency fraud amounting to over $50 million. They even tried to completely shut down the company and freeze its assets!

But that's not all. The court also condemned the actions of SEC lawyer Michael Welsh, who recently resigned. According to the judge, the SEC presented false and inaccurate data and failed to correct its mistakes. They just kept rephrasing the same story, hoping for a better outcome, which is unacceptable.

Additionally, the court ruled that the SEC must pay $1 million to the opposing lawyers to cover all their expenses and $750,000 to reimburse the arbitrator's costs.

Moreover, the SEC is conducting proceedings against several cryptocurrency companies: Binance, Kraken, Ripple, and Coinbase. This is confusing the industry, and many are demanding clarity from the U.S. Congress on cryptocurrency regulation. Coinmooner will be at the forefront, keeping a close watch on every step and eagerly sharing fresh details with our readers. In this tech-driven era of digital assets, don't forget to take precautions and protect your capital using advanced methods in the Web3 industry.

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