Future

Gary

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<p><strong>Binance lawyers claim that Gensler must recuse himself from the SEC lawsuit at once.</strong></p>
<h2 style="text-align: center;" id="accusation">Accusation</h2>
<p>Lawyers representing Binance have <a href="https://www.coindesk.com/policy/2023/06/08/binance-says-gensler-once-offered-to-be-an-informal-advisor/" target="_blank" rel="noopener">accused</a> SEC Chair Gary Gensler of offering to be an advisor to the crypto exchange in 2019. At that time he was teaching at MIT. However, the SEC Chair has been cracking down on the crypto industry recently and filed a lawsuit against Binance.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🚨BREAKING: SEC&#8217;s Gary Gensler applied to serve as an advisor for Binance in 2019</p>
<p>So&#8230;</p>
<p>2019: He applies to become an advisor to Binance<br />
2019: He is rejected (my guess)<br />
2021: He becomes the SEC&#8217;s chairman<br />
2022: Says that Binance &#8220;is operating illegally in the US&#8221;<br />
2023: SEC… <a href="https://t.co/rMDqk08kYJ">pic.twitter.com/rMDqk08kYJ</a></p>
<p>— Mario Nawfal (@MarioNawfal) <a href="https://twitter.com/MarioNawfal/status/1666595431046868999?ref_src=twsrc%5Etfw">June 7, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="documents-and-allegations">Documents and Allegations</h2>
<p>According to documents filed by the SEC, Gensler had conversations with Binance executives and founder Changpeng Zhao in March 2019. They claim that Gensler offered his advisory services and even had a lunch meeting with Zhao in Japan. Binance&#8217;s lawyers argue that Gensler&#8217;s involvement should lead to his recusal from the case.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Gary Gensler was promoting crypto only a few short years ago <a href="https://t.co/OppZjFVRkd">pic.twitter.com/OppZjFVRkd</a></p>
<p>— borovik.eth (@3orovik) <a href="https://twitter.com/3orovik/status/1666076647928348672?ref_src=twsrc%5Etfw">June 6, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="sec-lawsuit-and-binance-8217-s-claims">SEC Lawsuit and Binance&#8217;s Claims</h2>
<p>The SEC <a href="https://walletinvestor.com/magazine/sec-accuses-binance-and-ceo-of-mishandling-funds" target="_blank" rel="noopener">recently filed 13 charges</a> against Binance and Zhao, accusing them of failing to register and lacking internal controls. Binance&#8217;s lawyers claim that Gensler was trying to establish a relationship with the company before taking action against them. Previous reports suggested that Binance approached Gensler, but the new filing contradicts that.</p>
<h2 style="text-align: center;" id="sec-response-and-court-proceedings">SEC Response and Court Proceedings</h2>
<p>The SEC responded by stating that Gensler is in compliance with his ethical obligations and any recusal requirements. The SEC and Binance are scheduled to appear in court on June 13, where the judge will consider a temporary restraining order to freeze Binance&#8217;s assets.</p>
<h2 style="text-align: center;" id="gensler-8217-s-background-and-investigations">Gensler&#8217;s Background and Investigations</h2>
<p>Gensler&#8217;s involvement with Binance allegedly occurred before he became SEC Chair. The investigations into Binance by the SEC began after his alleged contact with the company. The SEC&#8217;s probes into Binance.US and Binance started in 2020 and 2021, respectively, well after Gensler and Zhao&#8217;s last alleged contact.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🚨NEW: Gary Gensler was meeting with <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> in 2018, one year before he allegedly offered to serve as an advisor to the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> company in 2019. 👇🏼 <a href="https://t.co/xt8Er3NAT6">https://t.co/xt8Er3NAT6</a> <a href="https://t.co/jv7ds42XdE">pic.twitter.com/jv7ds42XdE</a></p>
<p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1666611140560863232?ref_src=twsrc%5Etfw">June 8, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="binance-8217-s-allegations-raise-questions">Binance&#8217;s Allegations Raise Questions</h2>
<p>The accusations against Gensler have raised questions about his credibility and potential conflicts of interest. The ongoing dispute between Binance and the SEC takes a new twist with these revelations. The impact of Gensler&#8217;s previous affiliation with Binance and CZ remains uncertain unless further entanglements are revealed.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Reminder, Gensler’s SEC:</p>
<p>FAILED to catch FTX ($8bn fraud &amp; bankruptcy)</p>
<p>FAILED to protect Grayscale investors ($8bn impairment)</p>
<p>FAILED to protect Voyager, Genesis, BlockFi borrowers ($4bn+ bankruptcies)</p>
<p>It’s not that he’s mean, it’s that Gensler is an incompetent, crooked cop.</p>
<p>— Ryan Selkis 🪳 (@twobitidiot) <a href="https://twitter.com/twobitidiot/status/1666243210849427456?ref_src=twsrc%5Etfw">June 7, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="uncertain-future-and-gensler-8217-s-assistance">Uncertain Future and Gensler&#8217;s Assistance</h2>
<p>Neither Binance&#8217;s CEO Zhao nor SEC Chair Gensler have publicly commented on the recent allegations. Binance&#8217;s lawyers have asked for Gensler&#8217;s recusal, but the SEC has not confirmed whether he will step down. The court proceedings and potential developments will determine the outcome of this dispute, as Gensler&#8217;s assistance to Binance.US in obtaining a license may come under scrutiny.</p>

Binance Lawyers Accuse SEC Chair Gensler

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