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Jay Clayton Ripple SEC FOIA

New FOIA Filing Targets Ripple And Crypto Emails Of Ex-SEC Chair Clayton

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In what could be described as a relentless pursuit for granular transparency regarding the Securities and Exchange Commission’s (SEC) prior actions vis-à-vis cryptocurrencies and Ripple, Empower Oversight Whistleblowers & Research—a rigorous watchdog entity—has spearheaded another incisive Freedom of Information Act (FOIA) endeavor. This stratagem is centered on elucidating the inter-communications of Jay Clayton, erstwhile SEC Chairman, with a pantheon of stakeholders deemed integral to the SEC’s often-controversial cryptocurrency enforcement paradigms.

Chronicle Of Ripple And Crypto Controversies

Spanning May 4, 2017, to December 23, 2020, Clayton’s incumbency in the SEC’s most prominent chair bore witness to a series of watershed moments. At its forefront was Clayton’s proclamation of Bitcoin’s non-security status—a sentiment reciprocated by other senior luminaries vis-à-vis Ether.

Related Reading: Inside The Ripple-SEC Battle: Pro-XRP Lawyer Deaton Exposes Dubious Ties

Bill Hinman gave his infamous speech in which he declared that ETH is decentralized and therefore does not constitute a security. As has since been revealed in the court case between Ripple and the SEC, Hinman defied the recommendations of other officials with the speech.

These assertions had a non-trivial amplification effect on the valuation kinetics of these digital assets. This upward trajectory, however, encountered turbulence with the SEC’s unanticipated legal offensive against Ripple, postulating the XRP token’s identity as a security. This litigation, when juxtaposed against Clayton’s subsequent alliance with One River Asset Management (a hedge fund with an exclusive portfolio concentration on Bitcoin and Ether), fanned the flames of conjecture.

Amidst these oscillations, Empower Oversight’s press release categorically enunciated: “Empower Oversight has submitted a new Freedom of Information Act (FOIA) request seeking communications between Jay Clayton… regarding the agency’s ostensible misalignment in cryptocurrency enforcement stratagems.”

Related Reading: Ripple Unveils Liquidity Hub Expansion: New Features, Assets, And Global Reach

In the labyrinthine construct of this freshly minted FOIA petition, directed at Raymond McInerney (the SEC’s chief FOIA custodian), Empower Oversight seeks to exponentially broaden the nexus of individuals potentially embedded within Clayton’s communication ecosystem. The roster, with names ranging from Jasmine Burgess to John D’Agostino et al., endeavors to crystallize any latent “conflicts of interest entwined within Mr. Clayton’s SEC stewardship.”

Industry Reactions

The entire saga has not gone unnoticed by stakeholders in the crypto space. Renowned pro-XRP attorney John E Deaton, airing his views via X (formerly Twitter), reflected, “When I first raised the HUGE conflicts of interests… I was called a conspiracy theorist by many in the industry […] Empower Oversight obtained emails proving Hinman, with Clayton’s full knowledge and tacit approval, violated, multiple times, 18 USC 208. Is Empower Oversight conspiracy theorists, as well?”.

Deaton further emphasized, “Let’s not forget, Clayton was the ONLY Commissioner to see and read the draft speech before it was given. Hinman did NOT send a copy to Hester Peirce. That’s right, Crypto-Mom didn’t get a heads up regarding the biggest speech in crypto history.”

At press time, XRP traded at $0.5027.

XRP price
XRP price sits below the trendline, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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