Defendants in SEC Lawsuit Seek Dismissal
DEBT Box and other defendants in a Securities and Exchange Commission (SEC) lawsuit are requesting the case be dismissed after it was revealed that the agency lied to obtain a temporary restraining order against them. In a motion to dismiss, lawyers for DEBT Box argue that the SEC got the case “badly wrong” and should not be allowed to continue spreading false narratives. The SEC had obtained an asset freeze on DEBT Box in August, accusing the firm of running a $50 million fraudulent crypto scheme. However, the court later reversed the asset freeze, finding that the SEC misrepresented evidence.
Ripple Executives Criticize SEC’s Behavior
Ripple’s chief technology officer, David Schwartz, expressed shock at the SEC’s behavior, stating that the agency had misrepresented facts to obtain an emergency order without giving the defendants a chance to defend themselves. Pro-Ripple lawyer John Deaton hopes that the SEC will be held accountable for the damage caused to DEBT Box.
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