- The SEC proclaims the closure of its Salt Lake Regional Workplace (SLRO), citing important impairment.
- The transfer follows the SEC's setback within the Debt Field case, the place a choose accused the company of dangerous religion.
- Paul Grewal criticizes the usage of the time period attrition and questions whether or not it refers to unprecedented sanctions by a choose.
The US Securities and Trade Fee (SEC) has introduced the closure of its Salt Lake Regional Workplace (SLRO), citing “important attrition”. The choice follows a court docket ruling in opposition to the SEC within the Debt Field lawsuit, and Coinbase lawyer Paul Grewal criticized the SEC's use of the time period “attrition.”
The SEC not too long ago confronted a setback within the Debt Field case when U.S. District Courtroom Decide Robert J. Shelby condemned the company for his or her “dangerous religion conduct.” The SEC beforehand charged Debt Field with $50 million in fraud. Nevertheless, a choose dismissed the case and ordered the SEC to pay $1.75 million to cowl authorized charges and different bills.
In its latest press launch, the SEC disclosed its resolution to terminate the SLRO, lowering the regulator's regional places of work from 11 to 10. The company mentioned the SLRO was the SEC's smallest regional workplace. The SEC specified:
“The company thought of its budgetary and organizational efficiencies in deciding to shut the workplace and doesn’t plan to shut some other regional places of work. All present staff shall be aligned with present SEC organizational elements primarily based on their present capabilities and the wants of the company.”
Commenting on the SEC resolution and the phrase “attrition” talked about within the press launch, Coinbase Chief Authorized Officer Grewal chided: “Abrasion— that is what we name unprecedented misrepresentation and dangerous religion warranting unprecedented sanctions by a federal choose? Additional reflecting on the anti-crypto stance and crypto lawsuits, Grewal famous, “All this speak of 'police' and 'wild west' from a civilian company with zero legal jurisdiction.”
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