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Showing content with the highest reputation on 08/17/2021 in all areas

  1. This looks very bad for SEC. They are going after the same documents SEC are withholding from Ripple. Is this Gensler's worst nightmare? Has Gensler been using his position to conceal Hinman's and Claytons fraudulent and corrupt behaviour? Gensler is failing to contain this case, and it is now morphing into a criminal investigation, albeit by independent lawyers, of his organisation. Are Empower Oversight working with SEC whistle blowers (see reports today that SEC lawyers are leaving SEC because Gensler has been overriding their handshake settlement deals). https://empowr.us/wp-content/uploads/2021/08/2021-08-12-JF-to-SEC-FOIA.pdf RE: FREEDOM OF INFORMATION ACT REQUEST Dear FOIA Officer: Introduction Empower Oversight Whistleblowers & Research (“Empower Oversight”) is a nonpartisan, nonprofit educational organization dedicated to enhancing independent oversight of government and corporate wrongdoing. We work to help insiders safely and legally report waste, fraud, abuse, corruption, and misconduct to the proper authorities, and seek to hold those authorities accountable to act on those reports by, among other means, publishing information to inform the public. Background We write today seeking information regarding the appearance of conflicts of interest by former high-level officials at the SEC relating to cryptocurrencies. It is in the public’s interest that the government’s emerging regulatory approach to cryptocurrencies is based on objective legal principles, without the appearance that conflicted SEC officials may be picking cryptocurrency winners and losers based on personal financial interests. The way in which these former SEC officials declared whether particular cryptocurrencies were securities—and thus subject to SEC regulation —raises public integrity concerns. As publicly reported, Mr. William Hinman worked as the Director of the Division of Corporate Finance at the SEC from May 2017 through December of 2020, having previously been a partner at the law firm Simpson Thacher.1 Mr. Hinman reportedly continued to receive millions of dollars from Simpson Thacher while employed at the SEC. Notably, Simpson Thacher is a member of the Enterprise Ethereum Alliance, an “industry organization whose objective is to drive the use of Enterprise Ethereum.”3 In a June 2018 speech in his official capacity as an SEC official, Mr. Hinman declared that the Ethereum cryptocurrency, Ether, was not a security, stating that “based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”4 After his declaration, Ether’s value then rose significantly.5 When Mr. Hinman departed the SEC in December of 2020, he rejoined Simpson Thacher as a partner.6 That same month, the SEC filed a lawsuit against one of Ethereum’s rivals, Ripple, alleging that its XRP cryptocurrency was a security, such that the company’s offering and sales of XRP had been in violation of federal securities laws.7 The value of XRP fell 25% immediately after the announcement of the SEC lawsuit.8 Of note, the leader of the SEC’s Enforcement Division that brought the suit, Marc Berger, then left the SEC shortly thereafter, joining Mr. Hinman as a partner at Simpson Thacher.9 Additionally, there are potential concerns regarding former SEC Chairman Jay Clayton. As with Mr. Hinman and Ether, while at the SEC, Mr. Clayton publicly stated that Bitcoin was not a security,10 and the value of Bitcoin rose.11 The SEC’s lawsuit against Ripple was filed at the end of Mr. Clayton’s tenure there. Shortly after he left, he reportedly joined One River Asset Management, a cryptocurrency hedge fund that focuses exclusively on Bitcoin and Ether—not XRP.12 The SEC’s handling of cryptocurrency issues is of significant public importance, and these appearances of conflicts of interest raise substantial issues. Transparency from the SEC is the only way to ensure accountability to the public. In light of this, we are filing this FOIA request to seek the facts. Records Request 1. All records relating to communications from May of 2017 through December of 2020 between William Hinman and any personnel from Simpson Thacher, including calendar entries, notes, or emails between Mr. Hinman and any email address from the domain “@stblaw.com”; 2. All records relating to communications from May of 2017 through December of 2020 between William Hinman and any personnel from the Enterprise Ethereum Alliance, including calendar entries, notes or emails between Mr. Hinman and any email address from the domain “@entethalliance.org’: 3. All records relating to communications, including calendar entries, notes or emails between Mr. Hinman and any personnel in the SEC’s Office of the Ethics Counsel regarding Mr. Hinman’s continued payments from Simpson Thacher while employed at SEC, his potential recusals or conflicts related to his prior or future employment at Simpson Thacher, as well as his discussions and negotiations with Simpson Thacher regarding rejoining the firm; 4. All records relating to communications from May of 2017 through January of 2021 between Marc Berger and any personnel from Simpson Thacher, including calendar entries, notes or emails between Mr. Berger and any email address from the domain “@stblaw.com”; 5. All records relating to communications from May of 2017 through January of 2021 between Marc Berger and any personnel from the Enterprise Ethereum Alliance, including calendar entries, notes or emails between Mr. Berger and any email address from the domain “@entethalliance.org’: 6. All records relating to communications, including calendar entries, notes, or emails between Mr. Berger and any personnel in the SEC’s Office of the Ethics Counsel, regarding Mr. Berger’s discussions and negotiations with Simpson Thacher, including all communications regarding potential recusals or conflicts related to his potential employment with Simpson Thacher; 7. All records relating to communication from May of 2017 through December of 2020 between Jay Clayton and personnel from One River Asset Management, including calendar entries, notes or emails between Mr. Clayton and any email address from the domain “@oneriveram.com”; 8. All records of communications, including calendar entries, notes or emails between Mr. Clayton and personnel in the SEC’s Office of the Ethics Counsel regarding Mr. Clayton’s discussions and negotiations with One River Asset Management, including all communications regarding potential recusals or conflicts related to his potential employment with One River Asset Management
    13 points
  2. Fell below 1.20 as expected, and XRPBTC flag broke down. No need for panic as this correction was always going to come at some point. Ideally we don't want the daily candle to close too low in this blue box area, but it's ok if the lower charts trade through it and come back up. $1 is a key area we want to see hold. BTC looks steady, likely the next move is up for BTC. Watch 52k.
    9 points
  3. Empowered Oversight are working with whistleblowers, so they know what to ask for and why they are asking. In the Ripple case the documents are sealed in Court and if there is a settlement they will never see the light of publicity. This is quite different, the lawyers at Empowered Oversight make FOIAs for the purpose of making them public. If there is evidence of corruption they will put it on the public record, and after that it gets really nasty (Well that is my take on what the intention of FOIA are). I suppose Gensler has to go to the Courts and explain why the FOIA should be rejected by the Courts and why the allegations by the whistle blowers should be ignored. This is now set to drag on even after SEC settle with Ripple and I think it will make good reading for the clients of Mass Media publications. Everyone enjoys a scandal, and seeing rich pigs outed.
    6 points
  4. Bitcoin's chart and XRP's chart are both going to have the 50 Day EMA make a golden cross of the 100 Day EMA today. The last time this golden cross was made for bitcoin was May 8, 2020 when the price was $9,800.
    6 points
  5. Actually I calculated wrong, Bitcoin's 50 Day EMA will cross the 100 Day EMA today. The 50 and 100 Day EMA's will also be crossing the down trend line today. Different people put different weights on different crosses. Golden crosses are always good. Many people also use the simple moving averages. Bitcoin's did have a big move up on Aug 13 when the 50 Day EMA crossed the 200 Day EMA
    3 points
  6. This stuff is bitter sweet to me. Sweet because I obviously want SEC held accountable. Bitter because, the closer these accusations of corruption and conflicts of interest get to becoming reality, the more I'm realizing that YES, I actually was screwed out of a bull run (potential life changing amount of money) by some corrupt ass-hats at the SEC. TBH I'm pretty much over it - water under the bridge - but it still burns every once in a while.
    3 points
  7. Thanks @Seoulite
    3 points
  8. It's Goldman Gary, what else would you expect? He knows all about the Ether ICO, he ran classes at MIT about it, his almost exact words, 'Ether was an ICO. Vitalk was 19, had a fund raiser that raised ~$18 million with help from Joe Lubin, Canadian venture capitalist...' So the FOIA exposes it all, Hinman, Clayton, Gensler making deals on the golf course with Felon Yellen and the rest, now what? (All of which have worked at Goldman or the Fed at some point) The corruption is crystal clear, but jail isn't for corrupt government officials. What AG is going to prosecute Goldman Gary, Clayton and Hinman? They can't lose if it was their game to begin with. I wouldn't get your hopes of "justice" up ; the game isn't designed to be "just".
    2 points
  9. Wow the tables are now being reversed on Gensler. His first duty as chairman of SEC should have been to restore the reputation of SEC. Instead of responding to a petition from 30k XRP concerned holders that they had been victims of SEC corruption he ignored even acknowledging he had received the request, and tried to fob us off with his new twitter feed telling us about his family life and what a nice man he is.
    2 points
  10. Just watched the video, and learnt EO are after the SEC communications to external players, not the confidential internal letters that SEC claim are privileged, and this make it much more likely that their request will be granted. Usually they have 20 days to reply.
    2 points
  11. Haha! I saw that and thought to myself "what the hell is that?" I couldn't put 2 and 2 together. Although this is coming from a guy that came home from work one day while my wife painted a wall in the family room and I didn't even notice.
    2 points
  12. I love this. I love all of it. This is music to my ears. But, part of me still hesitates to celebrate because somehow I fear that this will be somehow swept under the rug. Will someone explain the seriousness of this and what the chances are that the SEC can simply ignore this like they seem to be doing with everything else?
    2 points
  13. I'm forking the project, and adding it to Pulse Chain. I'm just going to reduce the novelty of their chain, and lower the value of Spark then.
    2 points
  14. Hi All, I'm working on an app that provides insights into over 5000 different coins. Its aim is to alert users when certain coins are on the rise. We're currently in the BETA phase of our validation tests. I'm looking for users I can showcase the app to and get their feedback. Here's some snapshot of the apps functionality: Imgur Poc Screenshots If you'd like to be involved, please see mailing list link below: Crypto Predictions - Mailing List Also, feel free to share any feedback you currently may have :)
    1 point
  15. NMNR

    Epic Pennant on BTC Chart

    This seems like a final shake down before things really start moving.
    1 point
  16. Wouldn't it be Ironic if Jed has been selling the lions share of his XRP to some arm of Goldman. I'm thinking a lot of these Good ole Goldman boy's are pissed because Ripple had the fore thought to lock a lot of XRP up in escrow negating the chance 1 entity could control the asset by virtue of holding it all and they know Ethereum is not the one. Just a wild speculation about Jed's sales. I will forever believe this whole dust up with the SEC is all about the escrow!!
    1 point
  17. 1 point
  18. https://coil.com/p/sorrell_hodlco/-Big-Bang-migration-into-the-ISO-20022-digital-standard-is-imminent-Is-the-US-FED-already-ahead-/I-fNIPs9l
    1 point
  19. I can't be bothered reading all this NEWS, wake me up when the movie comes out, LOL. The Self Enriching Criminals are in trouble - it's amazing to think the sheriff is even more corrupt than those this sheriff is supposed to go after, whilst screwing over the very people they are supposed to protect and who help pay towards their salaries. I hope all those involved get nailed, along with their string pullers. Also, if these FOIA requests are successful, then it might lead to a flood of them on many questionable SEC actions in the past. Hey GG we all know what happened to the guy on the left, literally hung and left out to dry in his case, figuratively in your case, prepare yourself.
    1 point
  20. This is indeed a tasteless tweet. I have to revise my statement and say that his take on finance is worth listening to. The rest needs closer examination.
    1 point
  21. Yes but to my eyes it looks even worse for SEC is they are both corrupt and still go on beating up Hinman's and Clayton's enemies after they have left SEC. Gensler has to fight on two fronts, and this makes him look as dirty as his predecessors? Just my take.
    1 point
  22. Ok, I just did that and it's taken at least 6 years (from what I can tell). But it took me x6 longer than 30 seconds to find that out.
    1 point
  23. Thanks for the reply. So do you think this could have an impact on Ripple settlement? The SEC might have been more forgiving if they knew that those documents might not ever be seen. Now they might be exposed anyway.
    1 point
  24. 1 point
  25. You got to like his humor as well... Look a the details in the background ... a missing piece in the puzzle, a 5 9 and an 8 pinned on the walls... unicorn placed on the buffet ....
    1 point
  26. Feel free to tell me what in my post incentivises you to reply as you did, have I made a mathematical error, or are you saying that I shouldn’t ask a question like that on xrpchat?
    1 point
  27. This is the key to surviving in crypto. I have money in crypto, if I lost it I would be very upset, but it wouldn't be my financial ruin. About two years ago a friend of mine said 'you should be putting all your savings in bitcoin'. BTC was around 12k I think at that point. If I'd done that, I'd be far richer than I am today. However, I would likely have damaged my health and life from the stress and worry. I would always choose being able to sleep at night over any amount of money. I used to say if crypto is not fun, then you are doing it wrong. I think that's a little glib, because crypto is often not fun. I think it's better to say: if crypto keeps you up at night, you are doing it wrong. --- Anyway guys expecting XRP to come back below 1.20 relatively soon. The only counter to this is that XRPBTC is making a nice flag, but flags can break down too so let's see. Also XRPBTC could be going up and if BTC is falling hard then everything will fall. BTC itself is doing that slow grind that just never stops and so it looks upside, maybe 52k is where the correction will start. We are in very nice shape, not expecting us to fall back below a dollar again.
    1 point
  28. DS, for as brilliant as he is, also sold most of his ethereum for like $30 each thinking it wise to pay for some solar roof panels at his house. Sometimes the regular peons like us have a better chance at predicting the next crypto all time high than a genius like David Schwartz
    1 point
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