As a seasoned crypto investor with over two decades of experience navigating the ever-evolving landscape of digital assets, I find myself deeply concerned about the recent allegations of unequal treatment by SEC Chair Gary Gensler. My portfolio has been impacted significantly by the regulatory decisions made by this office, and any hint of bias or favoritism is troubling.
A lawyer advocating for Ripple criticized SEC Chair Gary Gensler, alleging that he wasn’t impartial in his treatment towards all cryptocurrency platforms, claiming instead that he favored certain entities. The scrutiny of Gensler heightened when it was revealed that he had held confidential discussions with the founder of an overseas crypto exchange.
Unequal Treatment?
John Deaton expressed doubts about the close connection between the SEC Chair and FTX founder Sam Bankman-Fried, suggesting that Gensler may have made a biased decision in favor of the overseas cryptocurrency exchange company by issuing a lenient ruling.
It was revealed that a U.S. regulatory official had privately met with Sam Bankman-Fried, whereas they declined similar formal meeting requests from other cryptocurrency companies.
As a financial analyst, I’ve noticed that influential figures within the cryptocurrency sector, like Jesse Powell, founder of Kraken, and Brian Armstrong, CEO of Coinbase, have requested meetings with the Securities and Exchange Commission (SEC) head. Yet, Gary Gensler reportedly declined these requests, suggesting an unequal treatment towards participants in the digital asset industry.
Could you disclose all records, including emails and notes, pertaining to your personal encounters with the “crypto Bernie Madoff,” also known as SBF_FTX. Why were these meetings taking place while you publicly declined interactions with American CEOs such as @brian_armstrong and @jespow? Was it the $10M that…?
— John E Deaton (@JohnEDeaton1) November 25, 2024
The pro-crypto lawyer demanded transparency from Gensler, asking him to reveal the content of his discussion with the FTX founder.
Deaton suggested that they should disclose all the records and discussions connected to their personal meetings with Bernie Madoff, who is associated with Crypto, as stated in his post.
A social media user replied to Deaton’s post, questioning Gensler as to why Sam Bankman-Fried seemed to be the only individual granted not only an unusual meeting, but multiple secret meetings, with the head of the SEC.
@TheSaintsNation pointed out that Ripple, another cryptocurrency company, had merely sought clarification and direction from the SEC, yet they found themselves facing a four-year legal battle.
Deaton pointed out that Gensler’s behavior seemed to indicate a bias towards the founder of FTX, potentially undermining the idea of equal treatment for all cryptocurrency companies.
Political Donation
According to Deaton, Bankman-Fried made significant political contributions, possibly providing him with an opportunity to converse about regulatory matters directly with the Securities and Exchange Commission (SEC).
The legal advisor on cryptocurrency questioned Gensler about whether the $10 million donation made by Bankman-Fried to the administration provided him the opportunity to discuss regulatory matters with officials, inquiring, “Was this your fee – $10 million?
Deaton suggested there could be an indication that the donation potentially influenced FTX to receive lenient handling by the SEC, in stark comparison to Gensler’s firm stance against the majority of U.S. cryptocurrency firms.
Gensler To Step Down
In January of next year, Gensler plans to step down from his position at the U.S. regulatory office. This decision comes as President-elect Donald Trump, who has publicly stated his intention to dismiss Gensler from the SEC once he takes office again in the White House, is set to be inaugurated.
In light of Gensler’s upcoming resignation, Deaton expressed his belief that Brad Bondi could excel as Gensler’s successor in the regulatory role, emphasizing the importance of establishing a transparent and balanced policy regarding cryptocurrencies, which would foster growth within the digital asset industry.
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2024-11-27 16:12