Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has found himself at the center of a crypto impartiality scrutiny. Prominent crypto trader, Lady of Crypto, took to social media platform X (formerly Twitter) to express concerns about Gensler’s suitability as SEC Chairman, using the hashtag #FireGaryGensler, making Gensler the cynosure of a major crypto scrutiny.
“Gary Gensler is quite possibly one of the worst picks for SEC chairman. #FireGaryGensler The job of the SEC chairman is to be an impartial regulator and Gensler is anything but. In 2019 he applied for a job at Binance and was rejected. He actually flew all the way to Japan to meet CZ.” a part of the tweet quoted.
Prior Interactions with Binance and FTX
Lady of Crypto’s accusations draw attention to Gensler’s past connections with major cryptocurrency players Binance and FTX. In 2019, ahead of his appointment to the SEC, Gensler reportedly applied for a position at Binance. The global exchange giant has since found itself targeted by regulatory action spearheaded by Gensler.
Also Read: Gary Gensler: Cryptocurrency Industry Plagued by Fraud and Misconduct
Early in 2022, Gensler allegedly attended a meeting with crypto player and FTX founder Sam Bankman-Fried and other members of the FTX team, bringing him under scrutiny. Such connections have raised questions about Gensler’s impartiality in crypto regulation.
Lawmakers and the Crypto Community Speak Out
Gensler’s contentious past has not gone unnoticed by the crypto community and lawmakers alike. Many are calling for his resignation, fearing that his relationships could jeopardize fair crypto regulation.
On the other hand, some argue that Gensler’s involvement with industry leaders provides unique access to valuable insights and experience. This could potentially enhance his ability to create balanced policies that protect consumers and spur innovation.
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Disclaimer: Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
