Two SEC Lawyers Pushed Out After Agency Censured in Crypto Case

Two Securities and Exchange Commission lawyers resigned after a federal judge sanctioned the agency and rebuked it for "gross abuse" of power in a crypto case. Michael Welsh and Joseph Watkins, the lead attorneys on the case against Digital Licensing Inc., known as DEBT Box, stepped down in April 2024 after an SEC official told them they would be terminated if they stayed, according to people familiar with the matter. The lawsuit was described as marred by false statements, misrepresentations and a lack of evidence, according to Robert, whose surname is not shown.