Thousands of people have asked for a congressional investigation into Gary Gensler, SEC Chair, and his relationship with FTX’s major players. Photo: AP Photo/J. Scott Applewhite
Key Takeaways
Gensler met with FTX in the spring, but the details of their conversations are not yet known.
Although Gensler had ties to Bankman Fried’s father through their affiliation at MIT in the past, very little is known about their relationship.
Share this article According to the petition template, Gensler met with Sam Bankman Fried, former CEO of FTX, in March. According to those records, the group discussed “the unique risks associated with custody of digital asset securities.” Four members of IEX Exchange, which would later gain financial backing from FTX, also attended the meeting.Critically, the meeting memo mentions “conditional no-action relief.” According to a 2020 statement from the SEC, conditional no-action relief is “a mechanism that allows registrants to obtain certain assurances when their conduct may touch upon a gray area of regulation, or even may be technically proscribed, but does not raise the policy concerns underlying a particular rule.” However, there is no evidence that FTX was granted this consideration.According to reporting from Fox Business correspondent Charles Gasparino, the meeting amounted to a “45-minute lecture by Gensler,” who made no promises and demanded greater disclosure from both exchanges. He wrote that “No approval was given.” Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News
