updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131House Committee Chairman Patrick McHenry has sent a strong warning to the Securities and Exchange Commission (SEC) chair Gary Gensler, signaling his readiness to issue a subpoena if necessary to secure the release of documents pertaining to the FTX collapse and the SEC’s climate disclosure rule.
In a tweet today, McHenry expressed his frustration, stating, “SEC Chair GaryGensler refuses to schedule a Commission vote to provide Congress with requested documents. Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production.”
The controversy stems from the committee’s demand for documents related to former FTX CEO Sam Bankman-Fried (SBF) and the timing of his arrest. During a Congressional hearing last week, McHenry claimed that the SEC had “made multiple requests” for these documents but had not received any non-public information beyond what was part of a Freedom of Information Act (FOIA) production.
During the hearing, Chairman McHenry also criticized SEC Chair Gary Gensler’s approach to rulemaking, accusing him of jeopardizing the integrity of financial markets and putting investors at risk.
“Chairman Gensler, our patience is wearing thin. Your efforts to choke off the digital asset ecosystem, which has created real harm for consumers and our markets,” said Mc Henry.
Furthermore, McHenry accused Gensler of failing to prioritize capital formation, stating that there was not a single initiative aimed at improving access to capital or enhancing market competitiveness among Gensler’s expansive rulemaking agenda. The lawmaker also raised concerns about Gensler’s approach to digital assets, claiming that it had created confusion and lasting damage.
Notably, Gensler also faced questions from McHenry during the hearing, where he affirmed that Bitcoin was “not a security” as it did not meet the Howey test’s criteria for an investment contract. This stance aligned with Gensler’s previous statements during his time as a professor at the Massachusetts Institute of Technology in 2018.
That said, the threat of a subpoena adds another layer of complexity to the ongoing battle between the SEC and Congress with implications for both regulatory transparency and the digital asset industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The documents might help the likes of Ripple, Coinbase and other businesses that have had a run-in with the SEC.
The highly-anticipated Hinman documents have finally been unveiled and made available to the public. However, the contents therein may just have revealed why the United States Securities and Exchange Commission (SEC) should not be the agency overseeing digital assets.
The documents, which were unveiled on Tuesday, contained some of the past views of the former director of the corporate finance division at SEC Bill Hinman.
According to a 2018 speech by Hinman, Ether (ETH) is not a security and shouldn’t be classified as such. Furthermore, the documents also detailed several communications within the agency that suggest the SEC’s view of the matter long before the 2018 speech and even after it.
John Deaton, a crypto lawyer and founder of CryptoLaw, has also shared his view of the newly released documents. Per Deaton, the documents might help Ripple, Coinbase, and others alike, that have had a run-in with the SEC.
However, he also claims that there’s no saying the extent to which the documents might prove helpful in court. That is because the documents do not take away the possibility that Ripple offered or sold XRP as an investment contract. And neither does it take away XRP’s status in the secondary markets in the United States.
Nonetheless, Deaton believes that the documents could help Ripple’s arguments in court. That is because Hinman’s speech was enough to cause market confusion and hinder certain market participants from fully understanding what the existing regulations required of them.
The CryptoLaw founder also says that the documents are likely to influence public opinion on great levels. And expectedly, public opinions are known to ultimately shape legislative discussions in the halls of Congress. Most especially, when the public begins to raise concerns about how regulators conduct themselves and interpret existing laws.
Deaton then said finally about the document:
“It highlights the massive conflicts of interests and gross appearances of impropriety by William Hinman and Jay Clayton.”
Clayton was the previous chairman of the SEC who served from May 4, 2017, until December 23, 2020.
Reacting to the overall implications of the documents, Deaton says it only highlights an urgent need for Congress to step in and save the day. He claims that the digital assets industry is in dire need of clarity as regards its governing rules. And also suggested that the SEC, after all, may not be the appropriate agency to oversee the crypto industry. That is considering the obvious conflicts of interest and impropriety shown in the documents.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
The Ripple lawsuit has come to a very crucial point; Judge Analisa Torres has granted and partially denied the defendant’s request to seal exhibits in SEC vs Ripple. Advocates believe that XRP lawsuit could become more interesting for Ripple with big rulings in the case. Attorney Jeremy Hogan, a proponent of Ripple, took to Twitter to give a major update regarding the ongoing lawsuit.
He wrote, ‘There’s only one major takeaway from this Order on the Ripple v. SEC case, Judge TORRES is getting ready to take over. The next couple of months will be very interesting with all the major rulings that are being teed up!
There’s only one major takeaway from this Order on the Ripple v. SEC case:
Judge TORRES is getting ready to take over.
The next couple months will be very interesting with all the major rulings that are being teed up! https://t.co/FLcKyMhVzF pic.twitter.com/t6CKa02qsI
— Jeremy Hogan (@attorneyjeremy1) February 3, 2022
Meanwhile, Judge Analisa Torres has ordered three documents to unseal. These are- 172-1, the notice of Brad Garlinghouse’s deposition in the SEC formal investigation, 179-4, a Chris Larsen email string, and 179-5, a Brad Garlinghouse email.
Court denied Ripple’s request to seal Legal Memos provided to Chris Larsen and briefing associated with those memos and granted Ripple’s request to file Sur-Reply to the SEC’s Motion to Strike the Fair Notice Defense tweeted Filan.
On June 7, 2021, Ripple filed the motion to submit a Sur-Reply regarding the SEC’s Motion to Strike and attached the Proposed Sur-Reply. Below is the original motion and the proposed Sur-Reply. Thanks to @freddyriz for the reminder.https://t.co/hCaSqO67lo
— James K. Filan
(@FilanLaw) February 3, 2022
John Deaton, the attorney for the XRP Holders in the case, said Judge Torres’s rulings are a great sign for his clients.
“What these rulings clearly show is that Judge Torres favors public disclosure. Ripple can’t seal certain documents (i.e., legal Memo). The same applies to the SEC. Think ahead! We may ultimately get to see the 63 Hinman emails!” John said
XRP price has been between the price range of $0.60 and $0.63 for more than ten days. However, the coin surged more than 8% to trade at $ 0.676 at the press time.
Dark Defender, a crypto analyst, has suggested that Ripple’s XRP can go up by 30% to touch the price level of $0.90.
#XRP formed a symmetrical triangle in the 4H Chart. Please keep an eye on the $0.59 support. He wrote if this is maintained, XRP can touch $0.75 – $0.90 in 5 days.
Hi there all. #XRP formed a symmetrical triangle in the 4H Chart. Please keep an eye on the $0.59 support.
IF this is maintained, XRP can touch $0.75 – $0.90 in 5 days
Supports: $0.59, $0.51
Resistances: $0.63, $0.75Have a great weekend!#XRPCommunity#XRPArmy#Ripple pic.twitter.com/imfMW82864
— Dark Defender (@DefendDark) February 4, 2022
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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