Lawmaker Says Gensler Helped FTX in Obtaining Regulatory Monopoly

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• Minnesota lawmaker claimed that Gensler was backing FTX and its founder.
• FTX and Bankman-Fried are accused of finding legal ways to obtain a regulatory monopoly.
• Dane Lund added that ties between FTX and the SEC go beyond in-person meetings.

The Congressman for the District of Minnesota, Tom Emmer, has claimed that the SEC chairman, Gary Gensler, was backing FTX and its founder, Sam Bankman-Fried in finding legal ways to obtain a regulatory monopoly in the crypto space.

Emmer tweeted:

Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this. https://t.co/SznowgcP6V

— Tom Emmer (@RepTomEmmer) November 10, 2022

According to the newly elected lawmaker, his team was investigating the SEC chair’s suspected association with FTX and Bankman-Fried. However, the team did not give any additional information after the reports were presented to Emmer’s office as proof.

As per Emmer’s claims, Gensler assisted FTX and Bankman-Fried in finding legal loopholes in order to secure a regulatory monopoly. Ahead of Emmer’s tweet, Gensler appeared on CNBC’s Squawk Box to say that the records showing that Bankman-Fried met with SEC representatives on March 29 were accurate. Gensler also added that similar meetings conveyed the same message to other prominent crypto players that “noncompliance is not going to work.”

Dane Lund, who decentralizes web3 projects, further added to Emmer’s tweet, stating:

It is worth noting, the ties between FTX and the SEC go beyond in-person meetings. The general counsel of FTX US had served as lead counsel to Chairman Gensler at the CFTC. By all accounts, he is a standup and excellent attorney.

Furthermore, Gensler has refuted all the claims. He rather cited the collapse of Terra to make the point that investors suffer when a lot of client money, non-disclosure, and leverage borrowing against it are combined.

In other news, with the turn of events, Bankman-Fried tweeted last morning that he is “sorry,” admitting to all the wrongdoings by saying he “f***ed up” and “should have done better.”

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