War Between Anti-Corruption Watchdog, Empower Oversight And SEC Over Freedom of Information Request

Empower Oversight, a non-profit dedicated to government oversight is moving against the U.S. Securities and Exchange Commission (SEC). This of course, is through alleging conflicts of interest in its dealings of the crypto space.

Furthermore Empower Oversight goes to sue the SEC, compelling the regulator to comply with the Freedom of Information Act (FOIA). Thereby, revealing communications between its senior officials and their current and former employers on crypto assets.

More so, the lwasuit focuses on that SEC officials are subject to conflicts of interest. This is when they declare digital assets such as XRP as securities, when appointing others like Ethereum (ETH) as non-securities.

Furthermore, Empower Oversight lawsuit exposes how how former top SEC executive William Hinman. Of course, gets substantial sums of money from a law firm with connection with Enterprise Ethereum Alliance during his time at the SEC.

“Hinman reportedly continued to receive millions of dollars from Simpson Thacher while at the SEC…”
“Simpson Thacher is a member of the Enterprise Ethereum Alliance,…”
“an industry organization aiming to ‘drive the use of Enterprise Ethereum.’

Then, Empower Oversight continues.

“In a June 2018 speech in his official capacity as an SEC official,..”
“Hinman declared that the Ethereum cryptocurrency, Ether, was not a security…”
“After his declaration, Ether’s value rose significantly. After departing the SEC in late 2020,…”
“Hinman rejoined Simpson Thacher as a partner.”

Additionally, The suit from Empower Oversight also claims that Marc Berger and the one bring the case against Ripple Labs left the same firm. Notably, Marc Berger is leader of the SEC Enforcement Division

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors