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6 Comments
tldr; Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a district court sanctioned the SEC for ‘gross abuse’ of power in a crypto case involving DEBT Box. The court criticized the SEC for false statements and misrepresentations, leading to the resignation of the lawyers who were warned of potential termination. The case highlighted issues with the SEC’s enforcement strategy under Chair Gary Gensler, which has been criticized for increasing regulatory uncertainty in the crypto industry.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
>The lawyers were both relatively new to the agency, as indicated by their LinkedIn profiles. Welsh served as a trial attorney at the SEC from December 2022, while Watkins acted as an attorney at the Division of Enforcement beginning in January 2023.
No responsibility from the higher up of SEC, while the junior lawyers get sacrificed?
.
This is [a comment by metalawman](https://twitter.com/MetaLawMan/status/1782496779147059514) on twitter:
– But the Court found that the misconduct in Debtbox was not isolated to a couple individuals, but rather there was “pervasive misconduct [demonstrating] a pattern of organizational bad faith and broadly implicates the Commission itself.”
– Picking a couple scapegoats to throw under the bus does not equate to real accountability when the problem is endemic to an organization.
The whole government is abusing it’s power.
Gensler needs to be fired & brought up on charges. But he’s protected & will not have to face justice IMO.
Not surprised
Just change the laws.
Make the market completely transparent
No fucking swaps.
Real price discovery.
It’s only complicated because they make rules to keep the scam going.
Real price discovery has not existed in the stock market for a very long time.