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Binance lawyers say SEC Chair Gensler offered to be advisor in 2019

4 points by WaitWaitWha 3y ago

WaitWaitWha 3y ago
There are all kinds of shenanigans around this whole Binance fiasco [SEC says Binance and US affiliate redirected billions in customer assets to Zhao's funds](https://www.theblock.co/post/233652/sec-binance-and-us-affiliate-redirected-billions-in-customer-assets-to-zhaos-funds https://www.theblock.co/post/233652/sec-binance-and-us-affil...) [Elusive Ex-Binance.US CEO Catherine Coley Reemerges in SEC Suit](https://www.bloomberg.com/news/articles/2023-06-07/elusive-ex-binance-us-ceo-catherine-coley-reemerges-in-sec-suit?leadSource=uverify%20wall https://www.bloomberg.com/news/articles/2023-06-07/elusive-e...)
h2odragon 3y ago
People go back and forth form banking and finance industries to the regulators of those industries all the time. Were they crypto companies unaware of their obligation to provide cushy jobs for "regulation" peoples, and that's what this is all about?
- WaitWaitWha 3y ago
  Take it with boulder of salt, as much of this just solicitors' talking. I think the defense is going for the appearance of quid pro quo that failed, followed by retaliation.
  - wslh 3y ago
    I understand that this issue does not probe anything?
    - WaitWaitWha 3y ago
      I am uncertain of your question, so I will answer as to what I think you are asking. Apologies if I misunderstood. The charges by the US SEC against Biance are "The company failed to register as an exchange and broker-dealer, improperly commingled funds and lacked critical internal controls over its businesses". I am just going to write a timeline here according to this single article & some dates from the US Gov sites (as there are several others that give way more details and slant). 2019-03 Gensler offers to serve as an advisor to Binance’s parent company. Gensler is Professor of the Practice at MIT Sloan School of Management 2019-03 Gensler and Biance CEO Changpeng Zhao meet in Japan for lunch - Zhao & Gensler continue communication Zhao sat down for an interview with Gensler as part of a cryptocurrency course Gensler was teaching at MIT. - 2019-07 Gensler sends Zhao a copy of his intended testimony ahead of the hearing before the US House Financial Services Committee 2019-07 Gensler testifies before the US House Financial Services Committee 2021-02 Gensler gets appointed as head of the US SEC 2023-06 SEC filed 13 charges against Binance and Zhao

4 points by WaitWaitWha 3y ago

There are all kinds of shenanigans around this whole Binance fiasco [SEC says Binance and US affiliate redirected billions in customer assets to Zhao's funds](https://www.theblock.co/post/233652/sec-binance-and-us-affiliate-redirected-billions-in-customer-assets-to-zhaos-funds https://www.theblock.co/post/233652/sec-binance-and-us-affil...) [Elusive Ex-Binance.US CEO Catherine Coley Reemerges in SEC Suit](https://www.bloomberg.com/news/articles/2023-06-07/elusive-ex-binance-us-ceo-catherine-coley-reemerges-in-sec-suit?leadSource=uverify%20wall https://www.bloomberg.com/news/articles/2023-06-07/elusive-e...)

h2odragon 3y ago

People go back and forth form banking and finance industries to the regulators of those industries all the time. Were they crypto companies unaware of their obligation to provide cushy jobs for "regulation" peoples, and that's what this is all about?

WaitWaitWha 3y ago
Take it with boulder of salt, as much of this just solicitors' talking. I think the defense is going for the appearance of quid pro quo that failed, followed by retaliation.
- wslh 3y ago
  I understand that this issue does not probe anything?
  - WaitWaitWha 3y ago
    I am uncertain of your question, so I will answer as to what I think you are asking. Apologies if I misunderstood. The charges by the US SEC against Biance are "The company failed to register as an exchange and broker-dealer, improperly commingled funds and lacked critical internal controls over its businesses". I am just going to write a timeline here according to this single article & some dates from the US Gov sites (as there are several others that give way more details and slant). 2019-03 Gensler offers to serve as an advisor to Binance’s parent company. Gensler is Professor of the Practice at MIT Sloan School of Management 2019-03 Gensler and Biance CEO Changpeng Zhao meet in Japan for lunch - Zhao & Gensler continue communication Zhao sat down for an interview with Gensler as part of a cryptocurrency course Gensler was teaching at MIT. - 2019-07 Gensler sends Zhao a copy of his intended testimony ahead of the hearing before the US House Financial Services Committee 2019-07 Gensler testifies before the US House Financial Services Committee 2021-02 Gensler gets appointed as head of the US SEC 2023-06 SEC filed 13 charges against Binance and Zhao