Attorney Deaton Reacts to Empower Oversight's Lawsuit Against the SEC for Compliance with FOIA Request on XRP Communications
Attorney John E. Deaton, who represents thousands of XRP holders in the SEC v. Ripple case, has commented on Empower Oversight's lawsuit against the SEC. Deaton clarified that Empower Oversight has no affiliation with him, CryptoLaw, Ripple, crypto, or XRP. However, he acknowledged that the evidence assembled by the XRP community shows "massive conflicts of interest and gross appearance of impropriety." Deaton has previously called on the SEC to release documents requested by Empower Oversight, and he believes that the agency's leadership is corrupt. Empower Oversight filed a new lawsuit against the SEC to force the regulator to comply with its Freedom of Information Act (FOIA) request, which seeks detailed information involving former SEC chairman Jay Clayton and William Hinman's communications regarding XRP and other crypto assets.
XRP Holders Were First to Call Out SEC's Gross Overreach
According to attorney John Deaton, XRP community members were the first to call out the SEC's overreach. XRP holders have been warning relevant authorities and other crypto communities about the SEC's actions for the past two years.
Empower Oversight Sues US SEC Over Selective Enforcement On Crypto
Empower Oversight Whistleblowers & Research (EMPOWR) has 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.
US Chamber of Commerce Blasts SEC's "Haphazard" Approach to Regulating Crypto Industry
The United States Chamber of Commerce has criticized the Securities and Exchange Commission (SEC) for its inconsistent approach to regulating the cryptocurrency industry in the country. In a legal brief filed to the U.S. Court of Appeals, the Chamber of Commerce supported Coinbase and accused the SEC of creating an uncertain environment for crypto companies.
House Financial Services Committee Threatens Hearing if SEC Chair Gensler Doesn't Respond to Crypto-Related Questions
House Financial Services Committee Chair Patrick T. McHenry and Rep. Bill Huizenga have accused SEC Chair Gary Gensler of avoiding requests for information about cryptocurrency-related matters. The lawmakers sent a letter to Gensler demanding responses to questions about former FTX CEO Sam Bankman-Fried and the process of digital asset exchanges registering with the regulator. If Gensler does not respond by May 19, they plan to schedule testimony. The SEC has not yet responded to the lawmakers' request for comment.
Crypto investment firm Paradigm supports Coinbase in legal battle against SEC over regulatory clarity
Crypto investment firm Paradigm, led by Coinbase co-founder Fred Ehrsam, has filed an amicus brief in support of Coinbase's legal action against the United States Securities and Exchange Commission (SEC). The filing argues that the SEC's lack of clear regulatory guidelines for digital assets and trading platforms has led to regulatory uncertainty and could result in a de facto ban on such platforms. Many in the crypto industry have criticized SEC Chair Gary Gensler's approach to registering firms, claiming it does not reflect reality. The legal battle between Coinbase and the SEC comes amid concerns from US lawmakers about the lack of regulatory clarity in the country.
Marathon Digital Holdings subpoenaed by SEC over potential securities law violations at Montana mining facility
Marathon Digital Holdings, a bitcoin mining company that is publicly listed, has received a second subpoena from the SEC in relation to an investigation into the company's Montana mining facility. The subpoena requires the company and certain executives to provide documents and communications related to the facility. Marathon has stated that it will cooperate fully with the investigation and provide the requested information to the SEC.
Watchdog Group Sues SEC for Access to Communications Between Former Officials and Employers Regarding Cryptocurrency Conflict of Interest
Empower Oversight Whistleblowers & Research (EMPOWR) has filed a lawsuit against the United States Securities and Exchange Commission (SEC) to obtain access to communications between former SEC officials and their former and future employers. The suit alleges that former SEC officials, including Jay Clayton, Marc Berger, and William Hinman, had potential conflicts of interest regarding cryptocurrency. EMPOWR believes that the requested records will reveal whether these officials had conflicts of interest when declaring whether certain cryptocurrencies constitute securities. The current lawsuit is the latest in a series of legal actions dating back to EMPOWR's original FOIA request in August 2021.
Crypto Insiders Join Coinbase in Legal Battle Against SEC's Treatment of Digital Assets
Several crypto groups have filed "amicus" briefs in support of Coinbase's request for the U.S. Securities and Exchange Commission (SEC) to provide clear rules clarifying crypto's place in securities regulation.
Terraform Labs Co-Founder Pleads Not Guilty to Passport Forgery Charges in Montenegro Court
Do Kwon, co-founder of Terraform Labs, has pleaded not guilty to charges of using false passports from Belgium and Costa Rica in a Montenegro court. Kwon had been on the run for months after the collapse of Terraform Labs, the company behind the algorithmic stablecoin TerraUSD. Both Kwon and the company's former CFO, Han Chang-joon, were accused of forgery by Montenegro prosecutors last month. The US and South Korea have requested their extradition, with the decision to be made by a local judge in Montenegro. The collapse of TerraUSD caused billions of dollars to be wiped and the SEC charged Terraform Labs and Kwon for defrauding investors.
