The US Securities and Exchange Commission (SEC) is closing its regional office in Salt Lake City due to significant attrition.

The attrition followed a failed enforcement action against the cryptocurrency platform Debt Box.

The SEC had accused Debt Box of defrauding investors of $49 million.

The case faced setbacks due to material misrepresentations by SEC lawyers.

Judge Shelby imposed sanctions on the SEC, ordering them to pay $1.8 million in fees to Debt Box.

The closure comes amidst ongoing legal challenges with other cryptocurrency companies like Binance, Kraken, Ripple, and Coinbase.

These events highlight the regulatory hurdles in the crypto space.

Lawmakers responded by passing the FIT21 Act to address regulatory concerns.

Institutional interest in Bitcoin is growing, with Fidelity Bank recommending holding a small amount for diversification.

Solana is gaining popularity among financial institutions for its transaction speed and low fees.

This popularity could potentially lead to a spot ETF in the US.