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Empower Oversight Sues SEC: Selective Enforcement On Crypto

Crypto Market News: Empower Oversight Whistleblowers & Research (EMPOWR), an organization focused on enhancing independent oversight, on Thursday filed a complaint against the US Securities and Exchange Commission (SEC) over alleged selective enforcement on crypto market businesses by top agency officials. The organization filed a complaint in the United States District Court for the District of Columbia seeking to compel the SEC to comply with a December 2022 Freedom of Information Act (FOIA) request regarding conflicts of interest by high level officials in the agency.

This complaint comes at a time when the regulatory agency faces criticism from not just crypto trader communities but also top lawmakers in the United States. Recently, Patrick McHenry, Chairman of the House Financial Services Committee, said to SEC Chair Gary Gensler that there was clearly no clarity on regulation for crypto related activities in the US.

All Internal Commications Regarding Cryptocurrencies

The complaint pertains to an August 2021 request from Empower Oversight that sought “all communications between senior SEC officials and their former and future employers and related entities regarding cryptocurrencies.” A statement from the organization said former senior SEC official William Hinman received money in compensation from his former employer Simpson Thacher, was part of a group that promoted Ethereum. Hinman had publicly declared Ethereum (ETH) was not a security while the SEC has been referring to ETH and the other similar cryptocurrencies as unregistered securities, the statement explained.

Hence, the allegation is that there was possibility of conflict of interest between the SEC officials, which explains the request for communications.

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