Market

SEC denied access to all Tether-related documents, citing possible investigations | Sept 26

SEC

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”.

https://twitter.com/SilvermanJacob/status/1441371353555288064?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“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. “

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to NewsBitcoin

 

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

1 hour ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

5 hours ago

This website uses cookies.