Republican Consultant William Timmons has requested US Securities and Trade Fee chair Paul Atkins to show over paperwork on the company’s historic therapy of Ether underneath its Biden-era chair, Gary Gensler.
Timmons requested Atkins in a letter on Tuesday for “particular paperwork” on the SEC’s “historic views on the standing” of Ether (ETH), which he argued will assist the general public and Congress perceive the previous management’s method.
“Underneath prior management the SEC refused to articulate a constant, coherent view on the way it believed the securities legal guidelines apply to digital belongings. Its zigzagging method to ETH is a working example,” the letter learn.
Gensler “solid doubt” on ETH as chair
Timmons famous that in 2018, the SEC’s then-director of company finance, William Hinman, stated the company wouldn’t deal with Bitcoin (BTC) or ETH as securities.
Nonetheless, he claimed Gensler, as chair, “solid doubt on ETH’s standing by repeatedly refusing to reply questions on whether or not the SEC views ETH as a safety” throughout an April 2023 congressional listening to.
“As would later be revealed, days earlier than that testimony the SEC had authorized a proper investigation into whether or not ETH is a safety,” Timmons wrote.
A 12 months later, the SEC authorized Ether exchange-traded funds, which Timmons stated “can be acceptable provided that ETH isn’t a safety,” and the SEC closed its probe into ETH “a number of weeks later.”
“These repeated swerves brought on destabilizing confusion for hundreds of thousands of American crypto-market members,” he added.
Letter provides to Coinbase FOIA motion
Timmons’ letter follows a Freedom of Info Act (FOIA) request backed by crypto trade Coinbase in 2023, which requested the SEC for paperwork about its views on ETH.
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The SEC denied the request, main Coinbase to sue the SEC over alleged FOIA violations in June 2024.
A decide later ordered the SEC to reveal sure paperwork, 1000’s of which Coinbase posted on-line, one among which exhibits that prosecutors in New York unsuccessfully requested the SEC for its opinion on ETH.
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