The U.S. Securities and Exchange Commission (SEC) has made an announcement regarding the Salt Lake Regional Office (SLRO), stating that it will be closing down due to attrition and a focus on improving organizational efficiency. As a result, the number of SEC regional offices will be reduced from 11 to 10. The jurisdiction for Utah, previously overseen by SLRO, will now be managed by the Denver Regional Office. This decision comes at a time when the SEC is facing significant legal challenges, including a high-profile loss in a lawsuit against Utah-based cryptocurrency firm Digital Licensing, also known as Debt Box. The legal battle had serious consequences for the SEC, leading to the resignations of attorneys Michael Welsh and Joseph Watkins. In a recent development, a federal judge ruled that the SEC must pay over $1.8 million in damages in its case against Debt Box and allowed the agency to withdraw its case without prejudice.
