24, editor of The New Republic, Jacob Silverman, tweeted about a Freedom of Information Act (FOIA) request that he had filed but was denied. Accordingly, the US Securities and Exchange Commission (SEC) declined on the grounds that “may be investigated”.

SEC denies request for “access to all documents, emails, memos and reports related to Tether”

There are currently many stablecoins out there with a total market cap of $ 129.7 billion. The oldest and largest stablecoin Tether (USDT) has a total capitalization of $ 69.7 billion. Jacob Silverman’s FOIA request is for “Tether” and “Tether Operations Limited”.

In essence, the FOIA requirement gives Americans access to all federal agency records. However, the recording (or part of it) may not be available to the public if a compliance investigation is in progress or the recording is protected.

Currently, the federal authority has the power to exclude (3 categories) and immunity (9 categories) if a file investigation has been carried out.

The submitter can specify the format and type of data record in the request.

Silverman “sought access to all documents, emails, memos and reports relating to Tether Operations Limited”.

I have received SEC responses to FOIA inquiries I submitted for information on “Tether” and “Tether Operations Limited”. Withheld due to possible law enforcement investigations. pic.twitter.com/xpuVvoXeN7

– Jacob Silverman (@SilvermanJacob) September 24, 2021

“Received SEC response to FOIA inquiries I filed for information on ‘Tether’ and ‘Tether Operations Limited’. Rejected on the grounds that a legal compliance investigation may be carried out. “

The SEC response noted that the agency was taking advantage of the immunity.

“We are denying your request for access to records under 5 USC § 552 (b) (7) (A). This waiver empowers you to refuse to disclose records that are served for law enforcement purposes and the release of which would reasonably allow the right to interfere with enforcement activities. Since Exception 7 (A) protects records from disclosure, we have not determined whether other exemptions apply. We therefore reserve the right to make other exceptions if exception 7 (A) no longer applies. “

“It is the Commission’s general policy not to conduct its inquiries publicly. Accordingly, under FOIA rules, the Commission does not disclose whether there is an investigation or information obtained unless it is a public proceeding in the proceedings pending before the Commission or the Court.

The answer to Silverman does not mean that law enforcement or federal agencies are planning to charge the company with illegal activities. Last February, analyst Bennett Tomlin also filed a FOIA request for Tether documents with the SEC, and the response letter stated that after a thorough search of all of its systems, the regulator “had not found or identified any information matching the request “.

In response to Silverman’s most recent question and answer, Tomlin tweets about the FOIA request, saying:

“Hey Jacob Silverman, you received a different answer than I did when I submitted my request a few months ago. This shows that the SEC has started the investigation around mid-February so far. I don’t think Jay Clayton thinks Tether is a security, but it looks like Gary Gensler. “

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Annie

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