DEBT Box and other defendants in a Securities and Exchange Commission (SEC) lawsuit are seeking to have the case dismissed after the court found that the SEC had lied to obtain a temporary restraining order against them. The SEC had accused DEBT Box of running a fraudulent crypto scheme worth $50 million. However, the court later determined that the SEC had misrepresented evidence and that DEBT Box had not closed bank accounts or transferred assets overseas as claimed. DEBT Box argues that the SEC’s allegations are false and fail to meet basic pleading standards. The court’s decision to reverse the asset freeze has led to a “show cause order” against the SEC, requiring them to provide reasons why they should not face penalties for their actions. Ripple’s chief technology officer, David Schwartz, has criticized the SEC’s behavior as “shocking,” while pro-Ripple lawyer John Deaton hopes that the regulator will be held accountable for the damage caused to DEBT Box.

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Information	Details
Geography	Middle East
Countries	🇺🇸 🇦🇪
Sentiment	very negative
Relevance Score	1
People	Jason Anderson, Schad Brannon, John Deaton, Roydon Nelson, Jacob Anderson
Companies	Ripple, Securities and Exchange Commission (SEC), DEBT Box, Digital Licensing Inc., United Arab Emirates
Currencies	None
Securities	None