Judge Dismisses SEC Case Against iX Global Orders $1.8 Million Fee Payment

A federal judge has ruled in favor of iX Global and Digital Licensing, known as Debt Box, in the civil case brought by the United States Securities and Exchange Commission (SEC). Judge Robert Shelby, presiding over the U.S. District Court for the District of Utah, ordered the SEC to pay approximately $1.8 million in attorney and receivership fees.

The ruling, issued on May 28, mandates the SEC to cover $1 million in attorney fees and costs, along with $750,000 for receiver fees and costs. This decision came concurrently with the dismissal of the case without prejudice.

Judge Shelby’s order stemmed from a prior March ruling, which determined that the SEC had engaged in bad faith conduct regarding a temporary restraining order aimed at freezing iX Global’s assets. Subsequent filings revealed inaccuracies in the commission’s information, prompting the threat of sanctions against the SEC.

In response, the judge imposed sanctions on the SEC, requiring them to bear all attorney fees and costs resulting from the improperly obtained relief. Judge Shelby deemed most of the defendants’ requested costs as appropriate, with the exception of a $649 fee.

“This marks a significant victory for the Direct Sales industry,”

remarked Joe Martinez.

The SEC’s lawsuit, filed in July 2023, accused iX and Debt Box of orchestrating an illicit $50 million crypto scheme. However, revelations of false statements and misrepresentations by the commission during attempts to secure a temporary restraining order have drawn attention to potential regulatory overreach in the crypto space.

The SEC’s pursuit of legal action against various crypto entities, including Binance, Kraken, Ripple, and Coinbase, underscores the ongoing debate surrounding regulatory clarity for digital assets. Lawmakers in the U.S. Congress continue to advocate for legislative measures such as the Financial Innovation and Technology for the 21st Century Act to address this issue.

About iX Global

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iX members also become a part of a community that works together towards each other’s personal and financial goals. For more information, please visit www.ixglobal.us