Eleanor Terrett, a journalist for Fox Business, announced President-elect Trump’s latest appointment to a position involving digital assets on Sunday. Bo Hines, a former Republican candidate for Congress, will serve as the Presidential Lead Digital Assets Council of Advisors for Digital Assets executive director, often known as the Crypto Council. According to Trump’s announcement, this group will include prominent figures in the cryptocurrency business and will be chaired by David Sacks.
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Before buying from us, read our Product Disclosure Statement (PDS), which is available on our website or in our offices if you ask. Accounts offering raw spreads are available. According to reports, Hines and Sacks would encourage development and innovation in the digital Lead Digital Assets Council. Together, they will fight for sufficient funding for the digital asset industry.
Although Bo Hines’ background with crypto is murky, he has been an outspoken supporter. Cryptocurrency is the pinnacle of individual empowerment in banking, Hines said in January, criticizing the Biden administration’s anti-crypto attitude. Financial innovation doesn’t require the government to impose onerous rules.
We must allow this emerging industry to develop naturally. If authorities don’t stifle decentralization, it will usher in a new era of finance! The most recent appointment by Trump further demonstrates the pro-crypto agenda and goal of the new administration to position the United States as a global leader in digital assets.
SEC Conflicts of Interest Under OIG Scrutiny
In the meantime, Terrett requested information about the SEC’s possible conflicts of interest involving cryptocurrency through the FOIA process. The OIG is investigating this matter. Terrett informed management that the OIG had concluded the inquiry. William (Bill) Hinman, a pivotal person in the SEC v. Ripple case and a former director of the SEC’s Division of Corporate Finance, is at the centre of the investigation.
Bill Hinman ruled that Ethereum (ETH) and Bitcoin (BTC) were not securities in 2018. There was controversy surrounding Hinman’s speech because of his ties to the enterprise Ethereum-promoting law firm Simpson Thacher. Hinman returned to work for Simpson Thacher after his time at the SEC. Empower Oversight claimed in a lawsuit filed against the SEC in 2021 that Hinman earned millions of dollars from Simpson Thacher while he was an agency employee.
The SEC sought to use attorney-client privilege on six separate occasions throughout the Ripple case to protect Hinman’s speech-related papers. The court denied the SEC’s requests. According to the records, Hinman disregarded warnings from the SEC ethics section and kept meetings with Simpson Thacher, his former employer.
Empower Oversight Investigates SEC and Ripple
In March, Empower Oversight stepped up its investigation of the SEC. In order to get information about possible ethical infractions, the whistleblower wrote to a FOIA officer. Former SEC Chair Jay Clayton was the subject of the letter’s repeated criticisms.
Furthermore, issues may arise with Jay Clayton, the former chair of the SEC. Although he was Chairman, Mr Clayton reiterated Mr Hinman’s claims that Bitcoin and Ether are not securities and publicly declared his own views on the matter. In his last days as chair of the SEC, Clayton consented to the Ripple case. After his departure from the SEC, Clayton joined the Bitcoin- and Ethereum-focused hedge fund One River Asset Management.
The OIG report may reveal the SEC’s purported efforts to favour Ethereum over Ripple and XRP. If the OIG probe uncovers evidence of bias that impacts XRP investors, it could compel the SEC to withdraw its appeal. Regarding market capitalization, XRP was the second-largest cryptocurrency before the lawsuit.
What is the purpose of the Presidential Council of Advisors for Digital Assets?
The Crypto Council, led by Bo Hines and David Sacks, aims to encourage innovation and development in the digital assets industry, advocating for sufficient funding and promoting growth.
What is Bo Hines' stance on cryptocurrency?
Bo Hines is an outspoken supporter of cryptocurrency, emphasizing its potential for empowering individuals in banking and advocating against government-imposed restrictions on the industry.
What is the SEC's involvement in cryptocurrency, and why is it under investigation?
Through figures like William Hinman and former SEC Chair Jay Clayton, the SEC has been involved in controversial decisions regarding cryptocurrencies like Ethereum and Ripple. Empower Oversight is investigating potential conflicts of interest related to the SEC's handling of the Ripple case and ties between SEC officials and firms promoting Ethereum.
What is the significance of the OIG investigation into the SEC?
The OIG investigation is looking into potential ethical violations and conflicts of interest at the SEC, particularly regarding the actions of William Hinman and his ties to Ethereum-promoting firms during his time at the
