Saturday, August 13, 2022
Home Crypto News Market Empower Oversight Receives Vital Documents That Could Determine the Outcome of SEC...

Empower Oversight Receives Vital Documents That Could Determine the Outcome of SEC v. Ripple Lawsuit 

- Advertisement -
Follow-Us-On-Google-News

Empower Oversight has announced that it has obtained the first document containing information between two former Securities and Exchange Commission (SEC) officials, William Hinman and Marc Berger, and Simpson Thacher, following its investigation of a possible conflict of interest in the SEC v. Ripple lawsuit.  



The document was handed to the non-profit organization following litigation under the Freedom of Information Act (FOIA) last year.  

Possible Conflict of Interest in Ripple Lawsuit

At the time of the request, Empower Oversight stated that it wanted to analyze potential conflicts of interest by the agency in relation to cryptocurrency law enforcement, especially in the SEC v. Ripple lawsuit. 

It is worth noting that the two former senior SEC officials Hinman and Berger left the security agency and joined Simpson Thacher & Barlett, an affiliate of Enterprise Ethereum Alliance. 

For clarity, Enterprise Ethereum Alliance is a group of companies focused on marketing the world’s second-largest cryptocurrency as an enterprise solution. 

Aside from Hinman and Berger, Jay Clayton is another former top SEC official under suspicion in the lawsuit between the securities regulators and Ripple. 

Following the suspicion of these officials, Empower Oversight on February 18, 2022, specifically listed the names of top SEC officials associated with the companies named in the FOIA request in order to enable the agency to gather relevant information to aid the investigation. 

Details of the Received Documents

According to Empower Oversight, the received documents contain 1,053 pages of emails from an email address linked to Hinman, as well as a 46-page document of messages involving Berger. 

Empower Oversight noted that the vast majority of the information may not have been included in the report due to formatting issues that resulted in blank and duplicated information. 

Commenting on the recent development, Jason Foster, Empower Oversight founder and president, said the production of the first document seems to be a step in the right direction, adding: 

“[The SEC] must keep its commitment to conduct additional searches in order to fulfill its legal obligation to transparency. Empower Oversight will not relent in its commitment to enforcing accountability through the public’s right to know.” 

Empower Oversight is a non-profit organization that is dedicated to enhancing independent oversight of government and corporate entities’ wrongdoings. The organization also gathers relevant information and reports corruption to the appropriate authorities, while holding public officials accountable to carry out their functions. 

Ethereum v Ripple Competition 

Recall that both Ripple and Ethereum (ETH) were in a neck-to-neck battle over which cryptocurrency would occupy the second spot in the global cryptocurrency rankings. 

However, following comments made by Hinman in 2018, Ethereum usurped Ripple to become the second-largest cryptocurrency.  

Things became worse for Ripple after Clayton, during his last day in office, charged Ripple and its executive with conducting an unregistered security offering in the United States. 

The case is speculated to be close to reaching a much anticipated end, with a settlement expected to be reached between April and May 2022. 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

IOG Says “Getting Things Right” Is The Priority After Cardano Investor Asked When Vasil Will Launch

  IOG has responded to ADA investors who are eager to know the exact date for the launch of the Vasil hard fork.  Input Output Global...

The Deputy Minister Of Digital Transformation Says Ukraine Should Launch A CBDC

Alex Bornyakov is in support of a digital hryvnia. In a four-tweet thread on Friday, Ukraine's Deputy Minister Of Digital Transformation, Alex Bornyakov, argues that...

Shiba Inu Lead Developer Gets A Harsh Response From “Can You Pet The Dog”

  "Can You Pet The Dog" Shuns Shiba Inu Game, Shiba Eternity As It Wants Nothing To Do With Crypto Projects. ...

Shiba Inu And BONE Becomes Top Trending Coins in Asia, USA, and Canada

Shiba Inu and Bone are trending worldwide. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

NOWNodes Adds Support for Shiba Inu Burn Portal Reward Token Ryoshi Vision (RYOSHI)

  The listing of RYOSHI will enable developers to build on Ryoshi Vision via NOWNode's platform. window.coinzilla_display =...

71,225 XRP Holders Now Stand With Ripple Against SEC, Deaton Says All XRP Investors Are Leaders Of XRPArmy

  The Amici attorney has commended XRP investors for their collaboration toward Ripple’s legal battle against the SEC.  ...

One Year After Burning Mechanism Launched, 2.5 Million Ethereum Worth $5B Burnt, Is ETH Becoming Deflationary?

  About 2.1% of Ethereum's circulating supply has been burned since the London hard fork. window.coinzilla_display = window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.