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The US Securities and Exchange Commission (SEC) confronted yet one more setback in courtroom on Friday, December 1, 2023 with a federal decide reprimanded the company’s attorneys in case associated to a crypto agency. The decide reportedly expressed criticism of the SEC’s dealing with of the agency’s funds stating that the Commission made “materially false” representations to freeze property.

Also Read: SBF Trial: Bankman Fried Chooses Not to File Post-Trial Motions

“SEC Made False Representations”

According to a report by Fortune, the federal decide scolded the attorneys representing the US SEC over its dealing with of hundreds of thousands of {dollars} price of property belonging to crypto agency Debt Box. The Utah courtroom decide had expressed concern that the company made “materially false and misleading representations” to freeze hundreds of thousands of {dollars} in property. The Court had requested SEC to point out trigger as to why it shouldn’t be sanctioned for deceptive the Court.

The decide famous that the Commission’s deceptive actions brought on irreparable harm to the corporate, resulting in the freezing of property price hundreds of thousands of {dollars}. The alleged deceptive and misrepresented knowledge was introduced to the courtroom by the US SEC with a view to get nod for a brief restraining order in opposition to the crypto firm.

Legal Setbacks Add On

This comes after a number of of the authorized setbacks for the Securities and Exchange Commission in current instances. The greatest of authorized defeats got here within the type of the partial victory for Ripple within the XRP lawsuit abstract judgment, through which decide Analisa Torres dominated that the programmatic sale of tokens to retail clients didn’t qualify as securities.

On the opposite facet, the US SEC is combating instances in opposition to high crypto exchanges Binance and Coinbase ($COIN) over alleged operation of unregistered sale of securities on the platforms.

Also Read: Ripple CLO Spots ‘Troubling Pattern’ in SEC-Led Crypto Lawsuits

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Anvesh stories main crypto updates round U.S. regulation and market transferring developments. Published over 1,200 articles to date on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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