🚨OIG Probe May Influence Ripple’s SEC Fight
SEC Conflicts of Interest Under OIG Scrutiny
Meanwhile, Terrett filed a Freedom of Information Act (FOIA) request regarding the Office of Inspector General’s (OIG) investigation into potential crypto-related conflicts of interest within the SEC. Terrett reported that the OIG completed the investigation and issued the findings to management.
The investigation centers around former SEC Director of the Division of Corporate Finance, William (Bill) Hinman, a central figure in the SEC v Ripple case.
During the Ripple case, the SEC made at least six attempts to shield Hinman’s speech-related documents under attorney-client privilege. The court denied the SEC’s requests. The documents revealed that Hinman continued to meet with his former employer, Simpson Thacher, despite SEC ethics division warnings.
OIG Investigation Findings May Extend to Former SEC Chair Jay Clayton
Empower Oversight intensified its scrutiny of the SEC in March. The whistleblower sent a letter to an FOIA Officer, requesting records relating to potential ethics violations. The letter underscored concerns about former SEC Chair Jay Cayton, stating.
The OIG report could reveal the SEC’s alleged attempts to promote ETH at the expense of Ripple and XRP.
After leaving the SEC, Hinman returned to his former employer, Simpson Thacher. In a 2021 lawsuit against the SEC, Empower Oversight alleged Hinman received millions of dollars from Simpson Thacher while working at the agency.
XRP Price Trends: OIG and Appeal in Focus
If the agency withdraws its appeal, XRP could target January 2018’s all-time high of $3.5505. However, XRP could face initial selling pressure if the SEC files its opening brief by January 15, potentially sending the token below $1.50.
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