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In a breakthrough development, Empower Oversight’s relentless pursuit of transparency has led the U.S. Securities and Exchange Commission (SEC) to release a trove of documents shedding light on potential conflicts of interest surrounding its cryptocurrency enforcement decisions. The newly unveiled records provide crucial insights into the intricate web of relationships and influences shaping the SEC’s stance on cryptocurrencies.
SEC’s Crypto Conflicts Exposed, Ethereum Favoured
After a two-year ordeal involving FOIA requests, court cases, and new document disclosures, the SEC has at last provided new information in answer to Empower Oversight’s relentless questions. The new materials underscore the pivotal role played by Joseph Lubin and his company, Consensys, in influencing former SEC Director of Corporation Finance William Hinman’s perspectives and objectives behind his contentious June 14, 2018 cryptocurrency speech. Lubin, a prominent advocate of Ether (ETH), was instrumental in connecting Hinman with Ethereum creator Vitalik Buterin during the drafting of the speech.
Notably, individuals closely associated with Ethereum were prominently featured in a March 28, 2018 meeting discussing a crypto safe harbor proposal, suggesting a degree of involvement beyond what was previously known. The shocking evidence, of Lubin’s important contribution to Hinman’s crucial 2018 speech designating Ether as a non-security, also raises the possibility of wrongdoing.
Also Read: Ethereum Price Doldrums: How to Survive Second Stage Capitulation
Giving Cold Shoulder To XRP?
Amid this revelation, “Digitalassetinvestor.xrp” took to Twitter to point out perceived discrepancies in the treatment of Ethereum’s Vitalik Buterin and Joseph Lubin compared to Ripple’s Brad Garlinghouse by former SEC Director Bill Hinman. This observation adds further fuel to the ongoing discourse about potential biases within the SEC’s cryptocurrency enforcement actions.
Famous XRP community member @Leerzeit went one step further and accused the SEC of malfeasance. “You are asking what the Inspector General did while he was watching Bill Hinman committing serious misconduct? Committing serious misconduct himself. The SEC is a criminal organization. There is just no way around it.”
These records have shown a new level of complexity in the complicated interplay between regulators, cryptocurrency influencers, and the enforcement of regulations in this quickly changing ecosystem, as Empower Oversight continues its campaign for openness and accountability.
Also Read: US SEC’s Approval Of Ethereum ETF More Likely Than Bitcoin This Year: Bloomberg
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