Empower Oversight Sues SEC: Selective Enforcement On Crypto

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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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