Anti-Corruption Watchdog’ legal action against US SEC agency
A nonprofit Anti-corruption Watchdog organization filed a lawsuit against the US Securities and Exchange Commission (SEC), in order to for the Agency to work openly about digital assets related matters.
In recent weeks, we saw several news in this crypto space about the US SEC agency that how they are not doing well with their power and they are only trying to kick out the crypto businesses outside the US.
In the latest, Empower Oversight, A non-profit dedicated to government oversight, filed a lawsuit against the US SEC regulatory body. Through the lawsuit, Watchdog tried to explain that the SEC is using its power in the wrong way.
The lawsuit by the Empower Oversight against SEC is a plan to restrict the SEC agency to follow the Freedom of Information Act (FOIA). Under FOIA, the SEC agency should provide all the details about the communication and discussion between the current and Ex-employees & seniors of the SEC agency regarding digital assets matters.
Lawsuit of Watch Dogs also claimed that SEC tried to prove XRP as securities, while they are considering the same thing Ethereum as a cryptocurrency.
Further Watchdogs took the reference of the former top SEC executive William Hinman, that how he made money while working in the SEC agency. Lawsuit added:
“Hinman reportedly continued to receive millions of dollars from Simpson Thacher while at the SEC. Simpson Thacher is a member of the Enterprise Ethereum Alliance, an industry organization aiming to ‘drive the use of Enterprise Ethereum.’
The lawsuit also alleges that Marc Berger, leader of the SEC Enforcement Division, who brought a lawsuit against the Ripple frim in December 2020, left SEC agency for the same law firm where Hinman working.
The filed lawsuit also raised concerns over the SEC Chairman Jay Clayton that how they declared that Bitcoin is not a Securities and that ended up into surge in the price of Bitcoin and later Clayton joined A digital assets fund management firm.
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