- SEC Chair Gensler was accused of a conflict of interests with Binance.
- Allegations raise questions about Gensler’s credibility and impact on crypto.
In a shocking turn of events, SEC Chair Gary Gensler faces accusations of a potential dual role involving his relationship with Binance. Lawyers representing Binance and its founder Changpeng Zhao have alleged that Gensler, currently taking strong actions against the crypto world had offered to serve as an advisor to Binance in 2019.
According to documents filed by the SEC claim that Gensler had multiple conversations with Binance executives. Eventually, this led to a lunch meeting in Japan with CZ. And at the time Gensler was teaching at MIT and stayed in touch with CZ for a brief time.
Binance made a strong move with their legal representatives requesting Gensler’s recusal from any actions involving the company, citing his prior associations with Binance and Zhao.
Crypto Market Shaken: Conflict of Interests?
The timing of these allegations raises questions among crypto enthusiasts as Gensler was appointed head of the SEC in 2021. Since then, he took vigorous regulatory actions against crypto companies, including filing lawsuits against numerous crypto entities.
Also, the SEC’s recent lawsuit against Binance accuses the exchange of failing to register as a securities exchange. And engaging in illegal operations in the US further intensifies the scrutiny.
Meanwhile, On social media platforms, crypto netizens are flooding opinions using the hashtag #GaryGensler. While the SEC has not officially released any statements, the impressions of Gensler are turning negative. With tweets using terms like “double-gamer” and suggesting it may all be about revenge.
With anticipation building, observers eagerly await the next developments in this captivating narrative. As this never-ending conflict keeps the future of crypto market hangs in their hand. The future will unveil if Gensler is able to dispel allegations of a dual role and maintain his credibility or will his past involvement with Binance cast a shadow over his regulatory pursuits.