Empower Oversight Backs Technical Policy Expert in SEC-Ripple Cryptocurrency Case
It is reported that Empower Oversight, the US government regulator, issued a document supporting Roslyn Layton, a technical policy expert, to the South Distric…
It is reported that Empower Oversight, the US government regulator, issued a document supporting Roslyn Layton, a technical policy expert, to the South District Court of New York on the intervention motion filed by the United States Securities and Exchange Commission (SEC) and Ripple, which requires obtaining the controversial speech document on cryptocurrency issued by William Hinman, a former executive of the SEC, in 2018. Jason Foster, founder and president of Empower Oversight, said that the public should get a reply from the SEC. Last October, Empower Oversight raised an objection to the SEC’s simple judgment motion in the ongoing Freedom of Information Act lawsuit on the documents related to conflict of interest and selective law enforcement in the cryptocurrency case.
Empower Oversight, the US government regulator, supported the intervention motion submitted by Roslyn Layton to the court
Interpretation of the news:
Empower Oversight, the US government regulator, has issued a document in support of Roslyn Layton, a technical policy expert, in a legal case involving the United States Securities and Exchange Commission (SEC) and Ripple. The case concerns obtaining a controversial speech document on cryptocurrency issued by William Hinman, a former executive of the SEC, in 2018. The SEC and Ripple filed an intervention motion in the South District Court of New York, but Empower Oversight has backed Layton and called for a reply from the SEC.
In October 2020, Empower Oversight raised objections to the SEC’s simple judgment motion in an ongoing Freedom of Information Act lawsuit related to conflict of interest and selective law enforcement in the cryptocurrency case. Now, the regulator has taken a more active role in the case by supporting Layton, who has previously criticized the SEC’s stance on cryptocurrency.
The controversy stems from a speech given by Hinman in 2018, in which he stated that Ether, the second-largest cryptocurrency by market capitalization after Bitcoin, is not a security. If Hinman made this determination while he was still employed by the SEC, it could be considered an official position of the agency. The speech has since been widely cited by crypto enthusiasts and legal experts as evidence that Ether is not a security, and therefore not subject to SEC rules and scrutiny.
However, the SEC has refused to release the document on the grounds that it would reveal confidential information and harm its ongoing investigations. Ripple, which is currently fighting a lawsuit brought by the SEC claiming that its XRP cryptocurrency is a security, has joined forces with the regulator to obtain the document.
Empower Oversight’s intervention in the case adds fuel to the ongoing debate over cryptocurrency regulation in the US. Layton, a vocal advocate for more lenient cryptocurrency policies, has argued that the SEC has engaged in selective law enforcement and has stifled innovation in the industry. By backing Layton’s position, Empower Oversight is questioning the SEC’s authority and transparency, and calling for greater accountability and public access to information.
In conclusion, Empower Oversight’s support of Roslyn Layton in the SEC-Ripple cryptocurrency case is a significant development in the ongoing debate over cryptocurrency regulation. By calling for greater transparency and accountability, the regulator is challenging the SEC’s authority and contributing to the conversation around how to regulate the rapidly evolving cryptocurrency industry.
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