U.S. Gov. v iX Global aka DEBT Box Did The SEC Overreact Against Crypto & MLM Again?
In resent months the U.S. Government, through the Securities & Exchange Commission, as well as the CFTC - Commodity Futures Trading Commission have gone after several companies known as Crypto MLMs, such as Traders Domain and now iX Global. Is the U.S. Government overreacting or is there valid concerns?
I have stood firm for several years, stating crypto, commodities, futures, and FOREX trading should never mix with a network marketing compensation plan. Are there any exceptions; maybe! Potentially Web3 Gaming, and NFTs might find a home using a direct sales model for marketing to the end consumer. But even then it will take some deep thought, and a very strong compliance team.
In the current charges brought by the SEC against iX Global aka DEBT Box I do believe the situation could have been handled in a more calculated manner. In the complaint it is clear the SEC hasn't fully finished their investigation, and moved, maybe in a premature manner when they discovered the principles were moving the company and the company assets to UAE (United Arab Emirates) which has become a crypto-friendly country.
They quickly asked the judge to issues a TRO and to appoint a receiver. They also froze the assets of not, just the founders of the company; which is understandable. They also froze the assets of other defendants who show no history of fraud, potential fraud, or any federal violations, let alone a flight risk. To me this is a huge overreaction on the part of the SEC.
I will be covering this case in detail due to the potential consumer and investor fraud, as well as the underlying business model of tangible asset backed crypto.
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