iX Global SEC TRO Dissolved, Judge Says He May Hold the SEC in Contempt

Recent updates on the D.E.B.T Box & iX Global SEC case could represent important progress for U.S. businesses embracing innovation.

SALT LAKE CITY, UT, UNITED STATES, October 11, 2023 /EINPresswire.com/ -- On October 6, iX Global achieved a monumental win in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding Case No: 2:23cv482. In a recent TRO hearing, the presiding Judge made the crucial decision to dissolve the Temporary Restraining Order (TRO) previously levied against iX Global and DEBT Box.

D.E.B.T. Box, an innovative company in the blockchain tech space and iX Global, an innovative company in the education and digital solutions space have been held under a TRO by the SEC since the beginning of August. The Utah based company, D.E.B.T. Box, had their operations deeply affected by the implementation of a receivership impacting not only their business but everyone who has been involved with their products and services.

This case, just one of many initiated by the SEC in recent months, seems to target U.S. businesses involved in Web3, blockchain and crypto, as the United States continues to lose companies to international markets who support and incentivize businesses adopting innovative solutions and operating in innovative industries by providing more clear guidelines and a more secure environment for businesses to operate.

The Court’s decision comes after scrutinizing the evidence presented and recognizing discrepancies and potential misrepresentations in the SEC’s complaint. The importance of this hearing was underlined by the presence of Tracy S. Combs, Director of SEC’s Salt Lake Regional Office, who was summoned by the Judge just hours before the hearing. The Court’s stance was clear – maintaining the highest standards of accuracy and fairness in all proceedings.

According to the records from the hearing* Judge Robert J. Shelby addressed the SEC and questioned the way information shared by the agency in order to attain emergency relief was misleading to the court, as he moved forward to dissolve the Temporary Restraining Order held against D.E.B.T. Box and iX Global.

Judge Shelby started the meeting emphasizing he had requested the presence of Ms. Combs, and noted this was the first time he had taken such action in his 12 years as a judge due to the importance of what he had observed. “What I think we are going to do today is probably dissolve the TRO, discuss a plan to transitioning the receivership, and I suspect we’ll talk about an order to show cause that at least right now I think I likely will be issuing, ordering the Commission to show cause why I shouldn't hold the SEC in contempt. I don’t say anything of that lightly.” - declares Judge Shelby as he officially starts the hearing.

Throughout an elaborate analysis of information put forth by the SEC, the judge points at how key information was taken out of context when presented, misleading the court to approve an emergency relief TRO. The judge concluded by dissolving the TRO and ordering the immediate transition to end the receivership: “Having concluded that the TRO is improvidently granted, having rested the need for the asset freeze and the receivership to address the harms that I was concerned about addressing, having now decided that there's not a legal basis to support that, I want the transition to be complete and quick. I want the defendants to be back in control.” concluded Judge Shelby.

And as for how emergency relief is granted, Judge Robert J. Shelby concluded “ But as for today I'll say that a party seeking a temporary restraining order in the 10th Circuit must establish, first, a substantial likelihood of prevailing on the merits; second, irreparable harm unless the injunction is issued; third, that the threatened injury to the applicant outweighs the harm that the preliminary injunction may cause any opposing parties; and fourth, that the injunction if issued would not adversely affect the public interest.”

"We are gratified by the Court's decision, which we view as a validation of our unwavering commitment to transparency, innovation, and community values," said Joe Martinez, CEO & Founder of iX Global. "It’s been inspiring to see Judge Robert J. Shelby practicing outstanding standards and diligence in looking through evidence and beyond misleading information presented to him, and his ability to understand the need to establish new precedents to pave the path for businesses in this country to operate with integrity and no fear to embrace innovation. While we respect the regulatory role the SEC plays, it is vital for the truth to prevail. Today's decision is a testament to our continued dedication to uphold our guiding principles and make a stance not only for ourselves and our community but for everyone who can have their lives positively impacted by innovative technology.”

The recent ruling has strengthened iX Global's resolve to continue its mission of innovating, inspiring, and decentralizing access to strategic education and groundbreaking technology as means to empower and impact global communities. IX Global stands by its values of integrity and leadership in the adoption and implementation of innovation in education, technology and digital entrepreneurship.

"We're more committed than ever to advancing our vision and serving our community," added Joe Martinez, "Today marks a significant step forward not only for us but for entrepreneurs and business owners in the United States who look forward to adopting and developing key technology that will impact not only their businesses and the communities they serve but also strengthen and boost the economic growth of such important sectors in the future of our global economy. Our journey will continue, and we're excited for what lies ahead."

The important advancement comes as iX Global and their global communities rally behind the launch of an enhanced digital ecosystem with a new social platform, a new education platform and the announcement of a potential travel platform & crypto card.

For further information or inquiries regarding this release or iX Global's future endeavors, follow iX Global on social.

*To read the full transcript of the case hearing click here

Paul Barlow
iX Global
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