The SEC’s Salt Lake City office, which gained notoriety in the cryptocurrency world for its fruitless legal battle against DEBT Box, is about to close. This decision comes after a significant reduction in its personnel, including those who left because of their alleged involvement in the case.
Stay in the know on crypto by frequently visiting Crypto News Today
With the office closing, the SEC will have ten regional branches instead of eleven.
The SEC stated in a notice dated June 4 that its Salt Lake City office had the fewest employees. Additionally, a sizable number of employees were recently let go.
CryptoCaster Quick Check:
After staff departures, the SEC cites “Efficiency” for closing the Salt Lake office.
In a related development, two Salt Lake office-based SEC attorneys, Michael Welsh and Joseph Watkins, resigned in April. This came after a federal judge severely criticized the SEC for engaging in a “gross abuse of power” by freezing the assets of Utah-based DEBT Box using false information.
As of right now, it’s unclear if their resignations had any influence on the “significant attrition” the SEC reported.
The SEC stated that it “has no plans to close any other regional offices” and that it “considered its budget and organizational efficiency in deciding to close the office.” Based on their current responsibilities and the needs of the agency’s mission, all current staff members will be matched to the SEC’s organizational components.
In the DEBT Box case, a judge fines the SEC $1.8 million.
The SEC sued DEBT Box in July 2023, claiming the business committed a $49 million fraud. The agency claims that DEBT Box offered to sell “node licenses” that would allow users to profit from mining different cryptocurrencies, but the tokens were never really mined, raising questions about the validity of the entire plan.
Just last week, the DEBT Box lawsuit against the SEC came to an end, dealing a serious blow to the oversight organization. In addition to dismissing the case, the judge fined the SEC more than $1.8 million for using unethical practices. The court’s finding that the SEC had deceived the judge in order to obtain an unfair advantage led to this penalty.
From now on, the SEC will handle enforcement actions pertaining to Utah from its Denver office rather than Salt Lake City. This is not a new development; years ago, the SEC moved its examination supervision from Utah to Denver. Therefore, the notice states that businesses in Utah won’t experience any disruptions in regulatory oversight. 
We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.
In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.
Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.
CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.
Thank you for your support,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
