"If his employees are fed up with the behavior of the SEC, what about us?"
Shortly after a district court cleared the Securities and Exchange Commission (SEC) of abuse of power and malfeasance in the cryptocurrency case, two of its lawyers undauntedly resigned earlier this month.
Michael Welsh who served as a trial attorney at the SEC from December 2022 while Joseph Watkins acted as an attorney at the Enforcement Division from January 2023 was the lead attorney in the case against the crypto platform DEBT Box.
Reportedly, the resignation of the two lawyers was following a court decision from Chief Justice Robert J. Shelby that allowed the SEC to make false statements and misrepresentations against the case of Digital Licensing Inc, also known as DEBT Box.
In a filing on March 18, 2024, Judge Shelby said the SEC's conduct was an abuse of power entrusted by Congress, so here it can be seen that it will significantly affect the integrity of the proceedings including the judicial process.
The SEC, which obtained emergency relief to stop the Utah-based firm in August 2023, not only temporarily froze their assets but also obtained a restraining order against DEBT Box's principal under an alleged $50 million crypto fraud scheme.
There is no denying that Judge Shelby has stated that the evidence presented has no basis, but he still presents it in a false way and misleads many people.
Thus, Judge Shelby and the SEC were found to be trying their best to distort the matter to ignore and perpetuate the misconduct rather than correct the misrepresentation.
