Gensler Under Fire for Perceived Conflicts in Crypto Regulation

  • Crypto trader, ‘Lady of Crypto’ posts concerns about Gary Gensler as SEC Chairman.
  • The crypto trader speaks about Gensler’s prior connections to Binance and FTX.
  • The tweet was a follow-up to Gensler’s recent congressional grilling.

In a recent post on X (formerly Twitter), crypto trader Lady of Crypto expressed serious concerns about the suitability of Gary Gensler as the Chairman of the U.S. Securities and Exchange Commission (SEC). The tweet, accompanied by the hashtag #FireGaryGensler, accused Gensler of lacking impartiality and highlighted his past interactions with major cryptocurrency players Binance and FTX.

According to the trader’s post, in 2019, before taking on the role of SEC Chairman, Gensler reportedly applied for a job at Binance, one of the world’s largest cryptocurrency exchanges. However, his application was rejected. He allegedly went to great lengths to meet Binance’s CEO, Changpeng Zhao, during a trip to Japan.

In early 2022, Gensler had a closed-door meeting with Sam Bankman-Fried (SBF), the founder of FTX, and other FTX employees. The details of the meeting remain undisclosed to the public, leaving many to question the nature of their discussions and whether Gensler was aware of any potential wrongdoings at FTX.

Critics argue that Gensler’s connections to individuals associated with FTX raise concerns about his impartiality. For instance, Ryne Miller, a former colleague of Gensler at the Commodity Futures Trading Commission (CFTC), served as FTX’s general counsel. Additionally, Glenn Ellison, another former colleague from MIT, happens to be the father of Caroline Ellison, a name linked to FTX. While these connections may be purely coincidental, they paint a picture of a man with ties to FTX.

Adding to the controversy is Gensler’s pursuit of regulatory action against Binance, despite his previous rejection of employment by the exchange. This has raised questions about whether his motivations are influenced by personal factors.

In light of these allegations, Gary Gensler has faced scrutiny from both the crypto community and lawmakers. During congressional hearings, he was grilled over his ties to FTX and faced threats of a subpoena.

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