The U.S. Securities and Exchange Commission has filed a reply to its attempt to have its tarnished case against crypto software company Debt Box dismissed without prejudice.
The SEC says case dismissal without prejudice is “normally granted” when a plaintiff requests it, but the court has criticized the agency’s current suit.
The United States Securities and Exchange Commission has made another move in its attempt to have its case against cryptocurrency mining software firm Digital Licensing, doing business as Debt Box, dismissed. The agency filed a reply to its motion for the court to dismiss the case without prejudice, which would allow the agency to sue Debt Box again.“gross abuse of power” and dismissed its first attempt to have the case dismissed without prejudice.
The SEC argued that the ability to refile an action was in the interests of Debt Box investors, and precedent showed that the court “normally should grant” a plaintiff’s request for dismissal without prejudice. It stated: “The SEC seeks dismissal without prejudice to allow the new team of attorneys assigned to the case to analyze the case file and take additional investigative steps before determining whether or not to proceed with a new complaint.”If a dismissal were granted without prejudice, Debt Box sought to impose 11 conditions on the SEC if it refiled a case. The SEC agreed in whole or in part to most of those conditions.
Debt Box is accused of defrauding investors of $50 million and selling unregistered securities in the form of licenses to use their software to mine digital assets.in August. This decision led to the agency being sanctioned when the court found that it had used a “false narrative” relating to the company’s purported plans to relocate outside the United States to justify it.
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