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Judge Shelby Orders SEC to Pay $1.8M in Damages for Abusing Power Against DEBT Box in 2023

May 28, 2024, 10:28 PM

A U.S. District Court judge has dismissed the SEC's case against the cryptocurrency company DEBT Box, ordering the SEC to pay $1.8 million in damages. The ruling, delivered by Judge Robert Shelby, cited the SEC's bad faith conduct in a previous March ruling involving a temporary restraining order to freeze DEBT Box's assets. This decision marks a significant setback for the SEC, as it highlights the misuse of authority by the regulatory body. The damages stem from a civil lawsuit filed in 2023, and the fine will be paid using taxpayer money.