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SEC Chairman Gary Gensler Met With Head Of FTX Months Before Collapse
Fox Businees ^ | 11/14/22 | Charlie Gasparino

Posted on 11/14/2022 5:24:06 PM PST by Enlightened1

Despite the scrutiny of crypto by Gensler, the SEC missed on FTX

 

Gary Gensler’s controversial tenure as chairman of the Securities and Exchange Commission could reach peak drama over a 45-minute Zoom call with Sam Bankman-Fried, the former crypto wunderkind at the center of the largest debacle the $1 trillion digital coin industry has ever witnessed.

On March 23, some eight months before Bankman-Fried’s crypto empire collapsed and was forced into bankruptcy, Gensler granted what some crypto players are calling an unusual meeting to the then-billionaire and prolific fundraiser for Democratic candidates, including his boss, President Joe Biden.

Even before the FTX imbroglio, Gensler mounted an aggressive and, some would say, controversial regulatory assault on the crypto business. In public comments, he has stated most digital coins qualify as unregistered securities, and thus creators could face sanctions similar to those sought from executives of Ripple who face an SEC lawsuit over the unregistered issuance of their native coin XRP.

While exchanges such as Coinbase, Binance, and Bankman-Fried’s FTX process crypto trades for customers, they operate in a regulatory gray area without explicit SEC approval, thus opening management to possible sanctions.

Now some crypto players and Gensler’s critics in Congress are questioning why he missed the FTX debacle and recent bankruptcy amid his sweeping crackdown. At issue: A meeting between Bankman-Fried and Gensler where they discussed an idea for a new SEC-approved crypto trading platform. If approved, the former FTX chief would have received a jump-start on the competition with a trading platform explicitly meeting the SEC standards, people with direct knowledge of the matter told Fox Business.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events; Politics/Elections
KEYWORDS: bitcoin; chairman; cryptocurrency; ftx; garygensler; sambankmanfried; sec

1 posted on 11/14/2022 5:24:06 PM PST by Enlightened1
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To: Enlightened1

wicked people flock together


2 posted on 11/14/2022 5:44:55 PM PST by devane617 (Discipline Is Reliable, Motivation Is Fleeting..)
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To: Enlightened1

Trump ☑️

Vs

Executive Order 12631
signed on March 18, 1988,
The President’s Working Group consists of

1. Secretary of the Treasury
2 Each chairperson of the Board of Governors of the Federal Reserve System
3. The Securities and Exchange Commission (SEC)
4. Commodity Futures Trading Commission (CFTC).Nov 11, 2021


3 posted on 11/14/2022 5:45:27 PM PST by Varsity Flight ( "War by the prophesies set before you." I Timothy 1:18. Nazarite prayer warriors. 10.5.6.5)
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To: Enlightened1

The SEC missed on purpose.


4 posted on 11/14/2022 5:46:04 PM PST by griswold3 (There are no solutions; there are only trade-offs. – Thomas Sowell)
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Missed it by that much. Sorry about that, chief.


5 posted on 11/14/2022 6:02:07 PM PST by proust (All posts made under this handle are, for the intents and purposes of the author, considered satire.)
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To: Enlightened1

Sorry but this just looks like a CIA op designed to put Crypto monopoly in the Hans of Chase.


6 posted on 11/14/2022 6:34:01 PM PST by FlyingEagle
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To: Enlightened1

How can this be?
All the crypto-experts here tell us that blockchain blah blah blah is so secure?


7 posted on 11/14/2022 7:15:20 PM PST by oldbill
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To: oldbill

There’s a daughter/sex connection with the SEC or Goldman.


8 posted on 11/14/2022 7:24:24 PM PST by combat_boots ( )
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To: oldbill

The Democrats created a pseudo blockchain Exchange and token to lauder U.S. taxpayer money through.

The Exchange FTX used a token called the FTT that had no utility, and was printed out of thin air.

What’s scary is the SEC Chairman was protecting FTX while going after real cryto currencies they could not control that solve real world problems and empower people.


9 posted on 11/14/2022 7:58:52 PM PST by Enlightened1
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To: Enlightened1

So looking forward to see Crypto collapse - along with Joe Rogan and that Barstool guy.


10 posted on 11/14/2022 8:00:19 PM PST by Clemenza
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To: Enlightened1

“real crypto currencies . . . that solve real world problems and empower people”

Yeah, keep believing that and I have some wonderful Dutch tulips to sell you.


11 posted on 11/14/2022 10:12:34 PM PST by oldbill
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