SEC Closing Salt Lake Regional Office After Failed Legal Battle Against Crypto Firm

The U.S. Securities and Exchange Commission (SEC) has announced the closure of its Salt Lake Regional Office (SLRO) due to attrition and a focus on organizational efficiency. This move will reduce the number of SEC regional offices from 11 to 10. The jurisdiction for Utah, previously held by SLRO, will now be managed by the Denver Regional Office. This decision unfolds against a backdrop of significant legal disputes, including a notable defeat in a lawsuit against Utah-based cryptocurrency firm Digital Licensing, also known as Debt Box. The litigation led to substantial consequences for the SEC, culminating in the resignations of attorneys Michael Welsh and Joseph Watkins. In May, a federal judge ordered the SEC to pay over $1.8 million in its case against Debt Box and allowed the agency to withdraw its case without prejudice.

Source