Empower Oversight filed a lawsuit in D.C. court asking the SEC to order the release of all communications between former and current senior agency officials related to cryptocurrencies.
Empower Oversight alleges that former SEC corporate finance director William Hinman received a cash payment from his former employer, part of the Enterprise Ethereum Alliance.
That’s why in June 2018 Hinman said that ether is not considered a security.
In late 2021, the anti-corruption public interest organization had already sued the regulator in the Eastern District Court of Virginia, seeking answers to similar questions.
Representatives of Empower Oversight believe that the SEC’s refusal to provide information creates a conflict of interest in litigation involving cryptocurrency companies.
“The commission’s failure to provide transparency exacerbates the situation.
The regulator deliberately blocks any attempt to shed light on these apparent conflicts of interest.
Our new lawsuit against the SEC should force the agency to start doing the work it is legally required to do.
The public needs the answers we’ve been looking for for so long,”said Empower Oversight President Tristan Leavitt.
The U.S. Chamber of Commerce recently criticized the SEC’s approach to cryptocurrencies, noting that the agency’s unwillingness to specify rules for the crypto industry only prevents judges from making fair decisions.