Michael Welsh and Joseph Watkins Abused Their Power in a Crypto Case.
According to the reportthese two lawyers started a cryptocurrency platform called DEBT Box. One of them was the lead attorney in a case against him. They quit after an SEC official told them they would be fired if they stayed.
The lawsuit brought by the US securities regulator SEC against DEBT Box was tainted by misrepresentations, false statements and a lack of evidence.
At the time, Judge Robert Shelby, who presided over the case, sanctioned the SEC agency for misconduct in March. The head of enforcement at the SEC has also since apologized for these errors.
In this case, Watkins was the agency’s lead investigative attorney. Shelby criticized Welsh’s arguments in the case.
In one case, Welsh claimed to the judge that DEBT Box had closed its bank accounts and moved its assets abroad, but the court debate later revealed this to be untrue and a completely baseless argument.
An SEC investigator later explained that there was a misunderstanding that was the main reason behind the mistake, and Welsh said sorry to the court.
All these kinds of developments show that the court is always there for the crypto and non-crypto companies in the US jurisdiction over the regulatory bodies that hate crypto.
It is worth knowing that the US SEC body has blindly taken several regulatory actions against bad actors and good actors as well in recent years.
Over the past few years, the majority of crypto executives and entrepreneurs have criticized the SEC body for its heavy-handed crypto regulatory efforts.
In particular, the majority of crypto executives said that the SEC body is blindly taking action but not providing any kind of information about the regulatory rules required for any crypto company to comply with all necessary measures.
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