Empower Oversight Formally Requests SEC Conduct Investigation into Hinman & Clayton

[RobertHarpool]

Well ... my, my, my ... it's about time. Here is the Press Release. 

"Empower Oversight sent a letter to the Office of the Inspector General of the Securities and Exchange Commission (SEC-OIG) requesting a comprehensive review of the SEC’s ethics officials to properly manage SEC official William Hinman’s potential conflict of interest regarding cryptocurrency issues."

and in THAT 14-page letter: 

"In a June 2018 speech in his capacity as an SEC official, Mr. Hinman declared publicly that the Ethereum cryptocurrency, Ether, is 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.”6 After his declaration, Ether’s value rose significantly.

When Mr. Hinman departed the SEC in December of 2020, he rejoined Simpson Thacher as a partner.8 That same month, the SEC filed a lawsuit against one of Ethereum’s rivals, Ripple Labs, Inc. (“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.9 The value of XRP fell 25% immediately after the announcement of the SEC’s lawsuit.10 Of note, the leader of the SEC’s Enforcement Division that brought the suit against Ripple, Marc Berger, left the SEC shortly thereafter, and joined Mr. Hinman as a partner at Simpson Thacher.

Additionally, there are potential concerns regarding former SEC Chairman Jay Clayton. While at the SEC, Mr. Clayton publicly stated that Bitcoin is not a security,12 and the value of Bitcoin rose.13 Moreover, the SEC’s lawsuit against Ripple was filed at the end of Mr. Clayton’s tenure there. Mr. Clayton exited at the same time as Mr. Hinman, in December 2020. Fewer than four months later, Mr. Clayton reportedly joined One River Asset Management, a cryptocurrency hedge fund that focuses exclusively on Bitcoin and Ether—not XRP." 

So ... no *****-footin' around. Empowerment Oversight is making our case, with evidence, PRECISELY the way we all have seen it.

 

 

 

 

 

[HAL1000]

Well, let's see if justice prevails, or it gets shoved into the Scumbag Ethereum Cartel shredder.

[xrp_is_love_xrp_is_life]

Let's go boys! $10 next bull run? I wish...

[Julian_Williams]

This is an inevitable outcome of Ethgate.   I cannot see how this investigation once started cannot reach conclusion that crypto whales corruption has inflicted huge financial losses on financial markets, and cover up Gensler's SEC colluded in hiding that corruption from the markets. 

ETHgate is backfiring in a spectacular way on Gensler, Lubin and Hinman.

I beleive that the gap between legacy PoW crypto and Utility innovative crypto has widened substantially in recent years, and we are entering a period when all the water will be so muddy that investors will be frightened away from anything to do with crypto.   The Pivoting from legacy to utility innovative crypto is now underway, but it will not be simple and we will all get hurt during this transition.

Edited May 11, 2022 by Julian_Williams

[Julian_Williams]