- Individuals have sent over 9,000 messages urging an investigation of SEC Chair Gary Gensler’s ties to FTX.
- Gensler met with FTX earlier this year, but the contents of their discussions are still largely unknown.
- Though Gensler has historically had ties to Bankman-Fried’s father through their affiliation at MIT, little is publicly known about the nature of their relationship.
Share this article
The crypto community is petitioning U.S. Congress to investigate possible connections between SEC chair Gary Gensler and FTX.
Gensler Met With FTX
The crypto public is calling for a congressional investigation into SEC Chair Gary Gensler’s relationship with FTX and its officers.
Legal news site Crypto-Law.com revealed on Twitter today that it had facilitated the delivery of over 9,000 letters to Congress demanding an investigation of Gensler’s potential ties to the failed exchange. The petition template notes that “evidence has emerged” that Gensler met with former FTX CEO Sam Bankman-Fried, who “masterminded” the exchange before last week’s collapse.
SEC documents confirm that Gensler met with Sam Bankman-Fried and two other FTX personnel in March. According to those records, the group discussed “the unique risks associated with custody of digital asset securities.” Four members of IEX Exchange, which would later gain financial backing from FTX, also attended the meeting.
Critically, the meeting memo mentions “conditional no-action relief.” According to a 2020 statement from the SEC, conditional no-action relief is” a mechanism that allows registrants to obtain certain assurances when their conduct may touch upon a gray area of regulation, or even may be technically proscribed, but does not raise the policy concerns underlying a particular rule.” However, there is no evidence that FTX was granted this consideration.
According to reporting from Fox Business correspondent Charles Gasparino, the meeting amounted to a “45-minute lecture by Gensler,” who made no promises and demanded greater disclosure from both exchanges. “No approval was signaled,” he wrote.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other crypto assets.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source by cryptobriefing.com