Binance Makes Demand Of Gary Gensler—Reveals Checkered Past

By Vince • June 8, 2023 9:16 am • Comments

Gary Gensler has been, perhaps, the most staunch opponent of crypto in the U.S. government—save Elizabeth Warren.

The current head of the Securities and Exchange Commission has overseen lawsuits against several notable blockchain firms and exchanges including Ripple Labs, Binance, and now Coinbase.

However, what hasn’t been widely reported is that Gensler used to have a keen interest in crypto and blockchain technology. …

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According to the latest reports, and resurfaced content dating back to 2019, Gary Gensler put in his application as an advisor to Binance in 2019.

Because of this, attorneys for the world’s largest exchange have asked for Gensler to recuse himself from the SEC’s lawsuit.  Watcher Guru reports:

Mario Nawfal chronicled Gensler’s history:

“2019: He applies to become an advisor to Binance, 2019: He is rejected (my guess), 2021: He becomes the SEC’s chairman, 2022: Says that Binance “is operating illegally in the US”, 2023: SEC sues Binance. Did I miss something? Is it me or does this sound like a weird twisted version of the show BILLIONS?”

 

ZY Crypto detailed Gensler’s past:

At the time, Gensler was a professor of the practice of global economics and management at Massachusetts Institute of Technology’s Sloan School of Management.

Nonetheless, he and Zhao kept in touch after the March meeting, and the Binance boss “understood that the now-Chairman was comfortable serving as an informal advisor,” something that Gensler had suggested, the filing claims.

Zhao even accepted Gensler’s request and sat down with him to interview as part of a crypto course he was tutoring at MIT.

The lawyers claim Gensler was trying to get in good with Binance before he started going after the exchange

Influencers, investors, enthusiasts, activists, journalists, and traders within the crypto space reiterated Binance’s request and likewise pointed out Gensler’s hypocrisy.

The Block provided this quote from Binance’s legal counsel:

“As we conveyed nearly four months ago, Mr. Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr. Gensler may be a material fact witness,” the exchange’s lawyers wrote.

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