Jun 5, 2024 - Economy

📦 SEC closes Utah office

Illustration of the SEC logo eagle dropping a green cube.

Illustration: Lindsey Bailey/Axios

Denver is now in charge of Utah, within the SEC.

  • In a press release yesterday, the securities regulator announced it was closing its office in Salt Lake City, after "significant attrition."

Flashback: The Salt Lake City office was the site of one of the agency's worst unforced errors in recent memory.

  • In a case brought against Utah-based crypto company DEBT Box, a federal judge accused the agency in March of a "gross abuse of power."
  • The attorneys who led the charge resigned.
  • The agency was then ordered to cover the company's legal costs and to bring any further cases against the company to the same judge.

Between the lines: We took a look at DEBT Box when the SEC first announced the case, and it was a very convoluted project.

  • On a high level, it seems to make it easy for an investor to participate in validating various blockchain networks all through one dashboard. But then somehow it also seems to envision getting into natural resource development.
  • It seems to still be operational, to a degree. It's posted updates to its Twitter, anyway.
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