In short: Lawyers for Binance and CEO Changpeng Zhao claim that SEC Chair Gary Gensler was offered the role of advisor to Binance's parent company in 2019. This comes as the SEC is currently investigating Binance and other crypto companies for violations of securities laws. Despite being offered the role, Gensler has taken a hardline approach toward the crypto industry, targeting numerous companies and filing lawsuits over allegedly selling unregistered securities.
Our quick analysis:
The recent crackdown on the crypto industry by the SEC has left many wondering about the regulator's motives. And now, the lawyers of Binance and its CEO Changpeng Zhao have dropped a bombshell by revealing that SEC Chair Gary Gensler was offered to be an advisor to Binance's parent company in 2019. This revelation seems particularly strange given Gensler's bearish stance against crypto and the fact that Binance and other crypto companies are currently under the radar of the US regulator over violations of securities laws.
What makes this even more intriguing is that at the time of the offer, Gensler was teaching at the Massachusetts Institute of Technology's Sloan School of Management and had yet to be appointed as the head of the SEC. However, after assuming the mantle of the SEC boss, Gensler has been relentless in his pursuit of the crypto market, targeting numerous companies and slamming them with lawsuits over allegedly selling unregistered securities. Binance and Zhao have also not been spared, with the regulator filing 13 charges against them just this week.
The fact that Gensler reportedly had lunch with Zhao in Japan in March 2019 and maintained contact with him afterwards, as well as requesting an interview with Zhao as part of a crypto course he was teaching at MIT, adds a further layer of intrigue to this whole affair. The lawyers for Binance allege that Gensler even shared a copy of his intended testimony with Zhao in the same year.
Of course, we can't jump to conclusions based on this alone, but it does make one wonder about the relationships between regulators and the companies they are meant to police. Is there more to this story than meets the eye? Only time will tell.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The recent crackdown on the crypto industry by the SEC has left many wondering about the regulator's motives. And now, the lawyers of Binance and its CEO Changpeng Zhao have dropped a bombshell by revealing that SEC Chair Gary Gensler was offered to be an advisor to Binance's parent company in 2019. This revelation seems particularly strange given Gensler's bearish stance against crypto and the fact that Binance and other crypto companies are currently under the radar of the US regulator over violations of securities laws.
What makes this even more intriguing is that at the time of the offer, Gensler was teaching at the Massachusetts Institute of Technology's Sloan School of Management and had yet to be appointed as the head of the SEC. However, after assuming the mantle of the SEC boss, Gensler has been relentless in his pursuit of the crypto market, targeting numerous companies and slamming them with lawsuits over allegedly selling unregistered securities. Binance and Zhao have also not been spared, with the regulator filing 13 charges against them just this week.
The fact that Gensler reportedly had lunch with Zhao in Japan in March 2019 and maintained contact with him afterwards, as well as requesting an interview with Zhao as part of a crypto course he was teaching at MIT, adds a further layer of intrigue to this whole affair. The lawyers for Binance allege that Gensler even shared a copy of his intended testimony with Zhao in the same year.
Of course, we can't jump to conclusions based on this alone, but it does make one wonder about the relationships between regulators and the companies they are meant to police. Is there more to this story than meets the eye? Only time will tell.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!