Ethereum

Chair

Empower

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/empower-oversight-and-former-ethereum-adviser-challenge-secs-transparency/">New FOIA Request Explores Potential Conflicts of Interest at the SEC</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The U.S. <a href="https://coinpedia.org/news/secs-crypto-regulations-unpacking-the-controversy-surrounding-chair-gary-gensler-and-the-legacy-of-arthur-levitt/">Securities and Exchange Commission (SEC)</a> has come under scrutiny once again, this time as a result of the pursuit of transparency and accountability led by Empower Oversight and Steven Nerayoff, an early advisor to Ethereum.</p> 
<p>Jason Foster, Founder of Empower Oversight, recently made headlines by filing a new <a href="https://empowr.us/wp-content/uploads/2023/09/2023-09-25-TL-to-SEC-Clayton-Additional.pdf">Freedom of Information Act (FOIA) request</a> that targets Jay Clayton, the SEC’s former Chairman. The organization’s primary focus is on potential conflicts of interest that may have influenced Clayton during his tenure at the SEC.</p> 
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   <p lang="en" dir="ltr">New FOIA request for former <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> Chair Clayton's communications. <a href="https://t.co/DZt0V3ZlXm">https://t.co/DZt0V3ZlXm</a> <a href="https://t.co/PTvnHkq5y4">pic.twitter.com/PTvnHkq5y4</a></p>— Jason Foster (@JsnFostr) <a href="https://twitter.com/JsnFostr/status/1706404035199173040?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>In December of last year, Empower Oversight issued a FOIA request centered around Clayton’s association with One River Asset Management. This latest request seeks to obtain communications Clayton had with individuals like Jasmine Burgess and John D’Agostino from May 2017 to December 2020.</p> 
<h2 class="wp-block-heading" id="why-is-this-important">Why Is This Important?</h2> 
<p>This FOIA request gains significance from the fact that Clayton joined One River Asset Management after leaving the SEC. This crypto hedge fund primarily deals with Bitcoin and Ether, both cryptocurrencies that benefited from the SEC’s selective enforcement actions. Notably, during Clayton’s tenure, the SEC filed a lawsuit against Ripple Labs, classifying XRP as a security, a move that left the XRP community baffled and enraged.</p> 
<p>Attorney John Deaton, representing thousands of XRP holders, pointed out Clayton’s lack of transparency with other SEC commissioners. </p> 
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   <p lang="en" dir="ltr">Let’s NOT FORGET Clayton was the ONLY Commissioner to see and read the draft speech before it was given. Hinman did NOT send a copy to <a href="https://twitter.com/HesterPeirce?ref_src=twsrc%5Etfw">@HesterPeirce</a>. That’s right, Crypto-Mom didn’t get a heads up regarding the biggest speech in Crypto history. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/3zBrgNWy7c">https://t.co/3zBrgNWy7c</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1706424227065172055?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>Bill Morgan, a pro-XRP lawyer, commended Empower Oversight’s FOIA submission as a “perfect summary” of Clayton’s conflicting interests.</p> 
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   <p lang="en" dir="ltr">Empower Oversight with the perfect summary of the Clayton conflict. He disgraced the SEC and his position as chairman. He benefitted from his conflictual conduct. <a href="https://t.co/wBbWzyPAp6">https://t.co/wBbWzyPAp6</a> <a href="https://t.co/BXX68oPczq">pic.twitter.com/BXX68oPczq</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1706413966887665827?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>Also Read: <a href="https://coinpedia.org/opinion/was-the-sec-favoring-ethereum-against-ripple-xrp-hoskinson-explained/">Was The SEC Favoring Ethereum against Ripple &amp; XRP? Hoskinson Explained</a></p> 
<h2 class="wp-block-heading" id="h-ethereum-s-free-pass-under-question"><strong>Ethereum’s “Free Pass” under Question</strong></h2> 
<p>Simultaneously, Steven Nerayoff, an early advisor to <a href="https://coinpedia.org/news/ethereum-and-secs-web-of-conversations-did-eth-get-a-free-pass/">Ethereum</a>, openly criticizes the SEC’s historical treatment of cryptocurrencies. Nerayoff’s critique is specifically directed at William Hinman, the former director of the SEC’s Division of Corporation Finance, for his pivotal 2018 speech, in which he declared Bitcoin and Ethereum as non-securities, effectively granting Ethereum a <a href="https://coinpedia.org/news/hinman-eth-analysis-reshaping-the-xrp-case-judge-torres-approach-and-implications/">“Free Pass.”</a> Nerayoff’s comments add fuel to the calls for transparency and raise questions about the SEC’s alleged bias.</p> 
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   <p lang="en" dir="ltr">Oh, this date shall live in infamy. Wait until you see what else happened this day to silence me &amp; cover up their sin(s). They’re hiding more than the motives behind the speech by <a href="https://twitter.com/hashtag/DirtyHinman?src=hash&amp;ref_src=twsrc%5Etfw">#DirtyHinman</a>. <a href="https://twitter.com/hashtag/CryptoJudas?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoJudas</a> <a href="https://twitter.com/hashtag/CrookedElbowJoe?src=hash&amp;ref_src=twsrc%5Etfw">#CrookedElbowJoe</a> <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> <a href="https://twitter.com/digitalassetbuy?ref_src=twsrc%5Etfw">@digitalassetbuy</a> <a href="https://twitter.com/Leerzeit?ref_src=twsrc%5Etfw">@Leerzeit</a> <a href="https://twitter.com/sentosumosaba?ref_src=twsrc%5Etfw">@sentosumosaba</a>…</p>— Steven Nerayoff (@StevenNerayoff) <a href="https://twitter.com/StevenNerayoff/status/1706433471478989255?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>Steven Nerayoff’s criticisms center around the secrecy and alleged bias in this formative regulatory milestone. Nerayoff goes further, insinuating that the SEC is “hiding more than motives” behind Hinman’s speech.&nbsp; The intertwining of these two issues portrays an SEC that may be playing favorites, or at the least, hiding some important information.</p> 
<p>And thus, the search for clarity and accountability continues….</p>

New FOIA Request Explores Potential Conflicts of Interest at the SEC

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