A pro-XRP lawyer lambasted SEC Chair Gary Gensler for not being fair with all cryptocurrency platforms, accusing Gensler of favoring some entities. The Securities and Exchange Commission official was scrutinized as his critics discovered that he had private meetings with the founder of an offshore crypto exchange.
Unequal Treatment?
Jonhn Deaton questioned the special linkage of the SEC Chair to FTX founder Sam Bankman-Fried, believing that Gensler had issued a favorable ruling to the offshore cryptocurrency exchange firm.
The lawyer exposed that a US regulatory official has granted private meetings with Sam Bankman-Fried while denying other crypto firms’ requests for a formal meeting with him.
Several crypto executives such as Kraken founder Jesse Powell and Coinbase CEO Brian Armstrong had requested an audience with the SEC head. However, Gensler refused to meet with them, indicating that players in the digital asset industry are treated unequally.
How about you release all the correspondence and notes related to your private meetings with the Bernie Madoff of Crypto – @SBF_FTX. Why were you meeting with the CEO of an offshore exchange while denying American CEOs like @brian_armstrong and @jespow meetings? Did the $10M that… https://t.co/BxnVtx59yw
— 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.
“How about you release all the correspondence and notes related to your private meetings with Bernie Madoff of Crypto – @SBF_FTX,” Deaton said in a post.
A netizen responded to Deaton’s post by asking Gensler why Bankman-Fried was “the only one getting not just one impossible meeting” with the SEC head but two to three meetings allegedly done in secret.
@TheSaintsNation added that another crypto firm, Ripple, was only asking for clarification and guidance from the SEC but got charged with a four-year lawsuit.
Deaton explained that Gensler’s actions suggested his inclination with the FTX founder, losing the supposedly equal treatment among crypto firms.
Political Donation
Deaton said that Bankman-Fried has given “substantial political donations” which might have helped the FTX founder gain access to the SEC for regulatory discussions.
The crypto lawyer asked Gensler if the $10 million that Bankman-Fried had donated to the administration allowed the FTX founder to talk with regulators, saying, “Was that your price? $10M?”
Deaton hinted that the donation might have helped FTX to get favorable treatment from SEC, a contrast to Gensler’s tough behavior towards most of the American crypto companies.
Gensler To Step DownGensler announced that he would resign from his post at the US regulatory office in January next year, coinciding with the inauguration of President-elect Donald Trump who pledged during the campaign to sack Gensler from the SEC upon returning to the White House.
With the impending resignation of Gensler, Deaton said that Brad Bondi could be an excellent replacement for Gensler in the regulatory post, saying there is a need to craft a clear and fair policy on cryptocurrency that will allow the digital asset sector to grow.
Featured image from Pixabay, chart from TradingView
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