After a court ruling in its favor, The DEBT Box’s DEBT token added 5% to its value and is currently trading for $11.78 on CoinMarketCap. The US District Court for the District of Utah officially dismissed the US Securities and Exchange Commission’s (SEC) case against DEBT Box without prejudice. According to DEBT Box’s post on X, the case is closed, and a judge will have to review any future action by the SEC.
The SEC may not proceed with the case
DEBT Box is a versatile platform that aims to connect tangible commodities with digital currencies. It enhances its ecosystem’s stability by directly linking its operations to the production of gold, natural gas, real estate, agriculture, silver, and other physical commodities.
This innovative approach ensures that the ecosystem receives support from real-world projects and also benefits from the digital currency market. In the DEBT ecosystem, there are no taxes on swaps or transfers. Holders can exchange DEBT tokens without paying transfer fees and swap them for any ecosystem token.
Moreover, the DEBT Box team sees the dismissal of the case without prejudice as a major victory. At this point, the regulator may not continue with the case. Additionally, the District Court of Utah has imposed sanctions on the SEC. The regulator, which is not supportive of crypto, must cover the attorney fees that DEBT Box incurred during the case.
DEBT Box posted on X:
Today’s decision is a monumental victory, not just for DEBT Box but for the entire industry and our dedicated community. It underscores the importance of integrity and fairness in regulatory practices.
Should you buy the DEBT token?
The Securities and Exchange Commission (SEC) may take further action that could impact the token’s price, but such action is unlikely, so the price is expected to stabilize.
Last year, the SEC filed a lawsuit against Debt Box, accusing them of fraud. The SEC obtained a temporary restraining order and froze the company’s assets. Debt Box was accused of selling cryptocurrency mining licenses while actually creating tokens using an algorithm.
The SEC claimed that Debt Box was planning to flee to the UAE and had already sent $720,000 overseas, based on which they obtained the restraining order. However, it was later found that the evidence had been misrepresented and the money had been transferred domestically within the US, not abroad.
