A rumored report is heating up that shows the SEC chair and the FTX connection
Here is a new update regarding FTX, which the United States Securities and Exchange Commission (SEC) has come across crypto FTX exchange and former CEO Sam Bankman-Fried (SBF) on several occasions. Their meeting took place just before the crypto company filed for bankruptcy.
What does the Crypto community say about SEC and FTX connection?
There is a rumor that SEC Chairman Gary Gensler is helping FTX close the legal loopholes. Also, a new report from Crypto Law, points to indisputable facts.
There was an update stating that on March 23, 2022, members of Chairman Gensler’s staff met with IEX and FTX staff to discuss custody of digital asset securities by special purpose brokers. He also understood the unique risks associated with custody of digital asset titles and, while he also added the lack of action discussed in the statement.
Additionally, GaryGensler met with SBF six days later. Gensler then dodged his live questions on the topic of that meeting.
Crypto Law clearly mentioned that these two facts are not opinions but facts.
The Founder of Crypto-Law.us, John E Deaton, also wrote that “Anyone who thinks SBF created this shell structure on their own is naive. Subpoenas and evidence preservation letters should already be sent to anyone close from SBF.
Charles Gasparino, an American journalist, shared a post on November 13, 2022, which was about Gary Gensler and SBF.
Mr. Gasparino also added that “he made no promises made to SBF and IEX and directed them to provide much more information etc. to the SEC on their model.” While follow-up meetings with the SEC continued almost until the time FTX imploded, no SEC approvals were reported.
He finally pointed out that “to hold the hearings on FTX given the political leanings of Bankman-Fried in calling Gensler as a witness, one might have to think twice. Sources say Gensler told Brad Katsuyama and Bankman-Fried he wanted strict oversight, standards and there was no guarantee of approval.
On the other hand, Warren Davidson, an American politician, said that the SEC did not engage in selective enforcement. They have worked closely with top entities like FTX for years while engaging in endless discovery requests.
The day after FTX collapsed, US Senator Elizabeth Warren said the SEC was investigating Crypto FTX platform and added that the SEC needs more aggressive enforcement.