Binance Lawyers Claim SEC Chair Offered to Advise Company in 2019
Binance, one of the world's largest cryptocurrency exchanges, is currently embroiled in a battle with the Securities and Exchange Commission (SEC). In a recent court filing, lawyers representing Binance made a startling revelation that SEC Chair Gary Gensler offered to serve as an advisor to Binance’s parent company in 2019. According to the filing, Gensler met with Binance CEO Changpeng Zhao in Japan in March to discuss the proposal.
The revelation has raised concerns over the impartiality of the SEC's actions against Binance. Binance lawyers claim that Gensler was "trying to cozy up to the company" before he unleashed his attack on the firm and its chief executive. CNBS reported that Gensler and CZ maintained contact throughout 2019. He became chair of the SEC in 2021, commencing his crackdown on the industry the following year.
Gensler has been on the warpath this year, with his ultimate goal to crush crypto in the United States. Earlier this week, he said that America doesn't need digital assets because it has the dollar. The SEC has also ordered the freezing of all Binance.US assets to prevent flights offshore. Industry experts have noted the irony in that by trying to "protect investors," the SEC has actually caused them to lose millions.
The revelation also highlights the need for transparency and accountability in regulatory bodies. Regulatory bodies such as the SEC are entrusted with the responsibility of protecting investors and maintaining market integrity. However, the recent revelation raises questions about the impartiality of the SEC's actions and whether it is acting in the best interests of investors.
In conclusion, the revelation that SEC Chair Gary Gensler offered to advise Binance's parent company in 2019 has raised concerns over the impartiality of the SEC's actions against Binance. The incident highlights the need for transparency and accountability in regulatory bodies to ensure that they are acting in the best interests of investors.