DEBT Box Requests Judge Deny SEC’s Motion to Dismiss Case
DEBT Box has urged a judge to reject the Securities and Exchange Commission‘s recent attempt to dismiss its case, following the agency’s acknowledgment of inaccurate statements made in court.
Last year, Digital Licensing Inc., known as DEBT Box, faced a lawsuit from the SEC over alleged fraudulent activities.
In response to the SEC’s motion to dismiss, DEBT Box argued against a perceived double standard, asserting that the SEC seeks severe penalties for others accused of making false statements in the securities market.
The pushback from DEBT Box comes after the SEC admitted to inaccuracies in its statements late last year, prompting criticism from Utah U.S. District Court Judge Robert Shelby.
The agency initially claimed that DEBT Box was attempting to transfer assets overseas to evade jurisdiction.
Subsequently, the SEC announced its intention to dismiss the lawsuit without prejudice, allowing the possibility of refiling.
Acknowledging its shortcomings, the SEC informed the court of its failure to meet accuracy standards and took steps to rectify the situation, including assigning senior attorneys to supervise the case.
Despite these measures, DEBT Box emphasized that apologies and promises of improvement do not absolve the SEC from the consequences of its actions.
DEBT Box further requested that the scheduled March 7 hearing proceed as planned, contrary to the SEC’s request for its cancellation.
The SEC’s lawsuit against DEBT Box alleges fraudulent activity, accusing the company of deceiving investors out of at least $49 million through the sale of “node licenses” promising revenue from mining various tokens.
Also Read, Sony Says: PS5 Entering ‘The Latter Stage of Its Life Cycle’,
