Nice try, but failed – The current president of the Securities and Exchange Commission (DRY), Gary Genslerwants himself regulate all cryptocurrencies (apart from Bitcoin). It is moreover a opponent long-standing position of many companies in the cryptosphere, since his appointment as head of the US financial policeman in April 2021. The crypto-stock exchange Binance must have sensed this threat, and had tried to hire him in 2018.
Binance had spotted the future SEC chairman long before his appointment
The crypto stock market Binancefounded by Changpeng “CZ” Zhao, suffered concentrated attacks (even more than usual) for the past few months. The most significant being the violent halt to its BUSD stablecoinissued in collaboration with Paxos.
In a recent publicationthe Wall Street Journal (WSJ) multiplies the suspicions circumvention of US regulators by Binance. The newspaper explains in particular that Binance would have tried to take in its ranks the one who would become the president of the Securities and Exchange Commission : Gary Gensler.
Before arriving at the top of the SEC, Gary Gensler had already been president of the other US financial policeman, the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, under President Obama. The man, now 65, was reportedly approached in 2018 and 2019 by Binance, while he was a teacher at Massachusetts Institute of Technology (MIT).
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Gary Gensler could have been advised of a crypto exchange!?
According to the WSJ, it would be Ella Zhanghead of the venture capital investment arm of Binance, and Harry Zhouco-founder of Koi Trading, a Binance group company, who allegedly tried to approach Gensler by October 2018because :
” [Gary Gensler] is likely to regain a regulator seat if the Democrats win the election [présidentielles] of 2020.”
And the sequence of events proved them right, since he was appointed head of the SEC by Joe Biden. Although Gensler declined this position as an adviser at Binance, he would have “shown generous” sharing strategies for obtain licenses regulations. He would also have met Changpeng Zhao in person in March 2019 in Tokyo, sympathizing to the point that Gensler interviews the CEO of Binance during the summer of 2019, as part of one of his courses on cryptocurrencies given at MIT.
Would Gary Gensler have taken advantage of his teaching time at MIT to learn more about “the enemy” ? Anyway, the preventive tactic of Binance, although totally justified (since it turned out to be right) has obviously failed. The SEC and its chairman are now trying by all means, even deviousto put under their boot the total regulation crypto-assets.
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