The human rights organization Empower Oversight has initiated an investigation against William Hinman, a member of the US Securities and Exchange Commission (SEC).
According to lawyers at Empower Oversight, William Hinman was involved in cryptocurrency regulation activities of the SEC from May 2017 to December 2020. At the same time, he received millions of dollars from the law firm Simpson Tracher, where he worked before joining the SEC. Simpson Tracher itself is part of the Enterprise Ethereum Alliance, which, as the name suggests, is promoting a second cryptocurrency. The Simpson Tracher money, according to human rights activists, influenced Hinman’s opinion when he stated that Ethereum was not a security.
At the same time, Hinman spoke out in favor of recognizing Ripple’s XRP coin as a security, which led to a fall in the value of this cryptocurrency by 25%. He left his position on the Commission shortly thereafter and returned to work at Simpson Tracher as a partner. As well as another SEC representative, Marc Berger, the initiator of the regulator’s lawsuit against Ripple.
Empower Oversight emphasizes that the actions of these people are very similar to the corruption scheme in which the members of the Enterprise Ethereum Alliance used the SEC to pressure Ripple and XRP.
According to human rights activists, not everything is simple with former SEC chairman Jay Clayton. Clayton said that bitcoin is not a security, and after leaving the regulator, he joined the cryptocurrency hedge fund One River Asset Management.
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