When the SEC Gets it Wrong: DEBT Box Wants Justice Served (with a Side of Punishment)

DEBT Box Requests Judge to Dismiss Lawsuit, Argues SEC Made Major Error

DEBT Box asks judge to dismiss lawsuit, stating SEC’s handling of the case was ‘badly wrong”.

What’s worse than a false narrative? A false narrative spun by the Securities and Exchange Commission (SEC) to avoid admitting they got it completely wrong. That’s the pickle the SEC finds itself in after a Utah federal court discovered their lies and issued a temporary restraining order against DEBT Box and its cohorts.

But hold on, let’s back up for a moment. DEBT Box, also known as Digital Licensing Inc., found itself in the SEC’s crosshairs after the agency accused the firm of orchestrating a massive $50 million fraudulent crypto scheme. The SEC claimed that DEBT Box was selling unregistered securities disguised as software mining licenses tied to real-world assets. Now, that’s a creative way to pull a fast one!

But DEBT Box wasn’t having any of it. They fired back, asserting that not only were the allegations false, but the SEC’s pleading failed to meet even the most basic standards. Ouch, SEC, that’s gotta sting!

And here’s the juicy twist: a Utah federal court, ever the discerning judge, decided to reverse the asset freeze imposed on DEBT Box. Why, you ask? Well, it turns out that the SEC got a little carried away with their storytelling. They claimed DEBT Box had closed their bank accounts and were hotfooting it to the United Arab Emirates to avoid the SEC’s clutches. But guess what? DEBT Box didn’t close a single bank account, and that alleged $720,000 transfer? It never left the good ol’ US of A!

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Now, DEBT Box’s lawyers are having a field day, lambasting the SEC for misrepresenting the state of crypto assets and launching a poorly constructed case. They claim the SEC’s pleading is fatally flawed, leaving the agency with some serious explaining to do. Judge Shelby wasn’t too pleased either, and he slapped the SEC with a “show cause order” to justify their misconduct. The SEC is about to learn that misleading a judge is about as smart as trying to outrun a cheetah in heels!

But wait, there’s more! Ripple’s chief technology officer, David Schwartz, couldn’t help but weigh in on the SEC’s shoddy behavior. He described it as “shocking” and accused the SEC of intentionally misrepresenting facts to gain the upper hand. Well, SEC, sounds like your reputation just took a hit harder than a wrecking ball on a demolition spree!

Now, what’s next for DEBT Box? They’ve got some fierce legal minds on their side, including the tenacious John Deaton, who’s determined to make the SEC pay for the damage done. And why not? If you’re going to be falsely accused, might as well aim for a financial consolation prize, right?

So, dear digital asset investors, keep an eye on this captivating battle. It’s a showdown between the SEC and DEBT Box, a real-life drama that would make Shakespeare jealous. Let’s hope justice is served, and the SEC learns that telling tall tales just isn’t worth the trouble.

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Hey there, readers! Have you ever witnessed a case of mistaken identity as wild as this? Share your thoughts and experiences in the comments below. And remember, in the world of digital assets, truth is always stranger than fiction!

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