Empower Oversight supports technical policy expert in obtaining controversial cryptocurrency speech document

02/24/2023 13:17 • AI Insights • 83 views

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

Analysis based on this information:

According to a report, Empower Oversight, a US government regulator, has issued a document supporting Roslyn Layton in obtaining the controversial speech document on cryptocurrency issued by William Hinman, a former executive of the United States Securities and Exchange Commission (SEC), in 2018. The intervention motion was filed by the SEC and Ripple, and is currently being heard in the South District Court of New York. Jason Foster, founder and president of Empower Oversight, argued that the public has the right to know the content of the speech document, and that the SEC should provide a response.

This development is part of an ongoing, broader legal dispute over documents related to conflict of interest and selective law enforcement in the cryptocurrency case. Last October, Empower Oversight raised an objection to the SEC’s simple judgment motion in the Freedom of Information Act lawsuit, arguing that the documents in question should be disclosed to the public.

The controversy surrounding the speech document centers on whether Hinman’s classification of cryptocurrencies as commodities rather than securities was an official SEC policy statement or merely his personal opinion. In the latter case, his statements would not bind the SEC and would not have legal implications.

Empower Oversight’s intervention in the case signals its commitment to transparency and accountability in government agencies, particularly with regard to cryptocurrency regulation. As Foster noted, “The SEC cannot operate in the shadows when regulating emerging technologies like cryptocurrencies. The public deserves an explanation of why Mr. Hinman’s speech should not be disclosed.”

In conclusion, Empower Oversight’s support of Roslyn Layton’s intervention in the SEC and Ripple case over the controversial cryptocurrency speech document is a significant step towards greater transparency and accountability in government regulation of emerging technologies. The ongoing legal dispute highlights the importance of access to information and the need for clear, consistent policies on cryptocurrency regulation.

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