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The U.S. Securities and Exchange Commission (SEC) has been sued by Empower Oversight for failing to provide a critical report on the agency’s biased enforcement and ethical conflicts. Despite many Freedom of Information Act (FOIA) requests, the study, which was finished more than a year ago by the SEC’s Office of Inspector General, has not been made public.
The lawsuit specifically seeks the release of findings related to William Hinman, the former SEC Division of Corporate Finance Director. The investigation is focused on potential conflicts stemming from Hinman’s previous affiliations with the law firm Simpson Thacher, which had financial interests in Ethereum.
Empower Oversight has been pushing for transparency since August 2021, filing several FOIA requests and lawsuits related to SEC communications with crypto firms. The organization asserts that the SEC’s repeated delays and failures to release this information are part of a troubling pattern of selective enforcement.
“The SEC’s silent treatment is old and tired, and its refusal to release these records is, quite frankly, suspicious,” said Tristan Leavitt, president of Empower Oversight. Leavitt emphasizes that ensuring transparency is vital for addressing concerns over regulatory fairness, especially in the rapidly evolving crypto space.
The SEC has faced increasing criticism for its handling of cryptocurrency regulations. Industry figures, including those from Coinbase, have accused the agency of selective enforcement, with some pointing to aggressive legal actions against major firms like Coinbase and Ripple under former SEC Chair Gary Gensler.
Empower Oversight remains committed to holding the SEC accountable and securing access to the findings of the long-delayed report. The organization argues that public access to these findings is essential for evaluating the SEC’s regulatory actions and ensuring proper oversight.