SEC plans to dismiss case against DEBT Box after admitting inaccurate statements were made

SEC plans to drop the case against DEBT Box after conceding that inaccurate statements were made during court proceedings. The Securities and Exchange Commission initially filed a lawsuit against DEBT Box in July but has now informed the Utah U.S. District Court Judge that it intends to dismiss the action without prejudice, allowing for the possibility of refiling the case. In a recent filing, SEC lawyers acknowledged their errors and expressed their intent to rectify the situation. The agency had come under scrutiny after Judge Robert Shelby criticized their lawyers and demanded an explanation for the “false or misleading” statements made in court. Furthermore, the SEC stated that it did not believe sanctions were necessary or warranted. The SEC has been actively pursuing legal action against numerous cryptocurrency companies, and its chair, Gary Gensler, has expressed the view that most cryptocurrencies are considered securities. The SEC’s lawsuit against DEBT Box accused the crypto startup of defrauding investors of at least $49 million by offering “node licenses” for revenue from token mining, which ultimately did not occur.