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Fortune: Judge slams SEC for ‘gross abuse of power’ in crypto case, imposes sanctions
The judge also rejected the SEC's motion to dismiss after the agency expressed its 'regrets' for misrepresenting facts.
On Monday, a federal judge took the unprecedented step of imposing sanctions on the Securities and Exchange Commission related to a lawsuit the agency brought against the Utah-based crypto company DEBT Box in July. “The court cannot write these issues off as non-willful, inadvertent mistakes,” he wrote, concluding that the agency made “strategic decisions” to present questionable information because the lawyers knew they would not have otherwise secured the restraining order and asset freeze. “The Commission just foisted a bill onto every one of us for their litigation misconduct,” tweetedCoinbase chief legal officer Paul Grewal, whose company is currently seeking to dismiss an SEC lawsuit alleging that the exchange’s business model violates securities law.
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