đŹđš SEC LAWYERS QUIT AMIDST POWER ABUSE CONTROVERSY! đ€đŹ
In a shocking turn of events, two attorneys from the United States Securities and Exchange Commission (SEC) have tendered their resignations amidst allegations of "gross abuse" of power and accusations of acting in "bad faith" in a high-profile crypto case. đ±đŒ
According to an explosive Bloomberg report dated April 22, lead attorneys Michael Welsh and Joseph Watkins, embroiled in the legal battle against crypto platform DEBT Box, chose to step down earlier this month, faced with the looming threat of termination if they chose to remain. đ„đ
Both legal eagles were relatively fresh faces at the agency, as gleaned from their LinkedIn profiles. Welsh's tenure commenced in December 2022, while Watkins' journey with the SEC began in January 2023. đđŒ
Their abrupt departure comes in the wake of a scathing court ruling by Chief Judge Robert J. Shelby, who delivered a blistering indictment against the SEC for disseminating false statements and misrepresentations in the case against Digital Licensing Inc., aka DEBT Box. đ„âïž
Judge Shelby's damning filing in March characterized the SEC's conduct as a "gross abuse of power," dealing a severe blow to the credibility of the proceedings and the sanctity of the judicial process. đđ
Critics of the SEC, especially under the leadership of Chair Gary Gensler, have sounded the alarm over the agency's contentious "regulation by enforcement" strategy. Detractors argue that this heavy-handed approach fosters regulatory ambiguity, stifles innovation, and poses a threat to America's standing in the fiercely competitive digital asset arena. đđŒ
As the crypto community braces for the next chapter in this unfolding saga, stay tuned for more updates as we navigate the treacherous waters of regulatory uncertainty together!
- Professor Mende, signing off!
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