Government Probes Conflicts of Interests From Ripple and SEC’s Case
New York, USA – Empower Oversight, a government watchdog, wants to see internal documents for US SEC or Securities and Exchange Commission about the case involving cryptocurrency. As per the watchdog, there’s a possibility for a conflict of interest involving Bitcoin and Ether.
Empower Oversight, also known as Empower Oversight Whistleblower & Research, declared on August 18 that it submitted a request under FOIA or Freedom of Information Act to the US SEC. As per the request, this government watchdog wants to obtain communication between the offices of SEC, along with old and current employees.
Empower Oversight is a nonpartisan and nonprofit educational group that focuses on improving corporate wrongdoing and the government’s independent oversight. Aside from that, the organization also helps report corruption and insiders’ document to the right authorities. Plus, it seeks to make authorities accountable for acting on the said reports.
As per Jason Foster, the founder of Empower Oversight, he said in his letter to Oliver Girod, the Chief FOIA, how the organization is looking for information about the conflict of interest by SEC’s previous high-level offices involving cryptocurrencies.
As per Empower Oversight’s side, William Hinman, a senior SEC official who participated in the crypto-regulation of SEC, received millions of dollars from Simpson Thacher, a law firm and his past employer.
The group also indicated in the letter that the stated law firm is a part of the Enterprise Ethereum Alliance, and this organization drives the usage of Enterprise Ethereum. Moreover, the group suspected that Hinman stated that Ether (ETH) is not a security, which caused the value to boost.
The organization highlights how the lawsuit against Ripple causes the boost in its value, and the executives are enjoying the commission.
