US Congressman says SEC’s Gensler allegedly had dubious ties to FTX, promises investigation

Rep. Tom Emmer said in a tweet that he had received reports that SEC Chairman Gary Gensler was helping Sam Bankman-Fried and FTX “work on legal loopholes to gain regulatory monopoly.” rice field.

Crypto community questions Gensler-SBF relationship

The crypto community has questioned Gensler’s relationship with the founder of FTX, giving it a dubious label by many.

Speculation within the community claims that SBF’s regulatory push was fueled by its attempts to control the crypto space. Others speculate that the SEC chair was influenced by relationships during his time at the Massachusetts Institute of Technology (MIT).

According to RH Cult’s tweet, Gensler’s boss at MIT was the father of Alameda CEO Caroline Ellison. According to SBF’s Wikipedia page, he graduated from school in his 2014 year.

Additionally, SBF met with Gensler earlier this year, leading the community to scrutinize his contributions to politicians.

Delphi Digital legal counsel Gabriel Shapiro labeled the money spent by FTX a “political bribe.”

Popular Crypto Lawyer Jake Chervinsky Said FTX was close to making a deal with financial regulators, which would have set a damaging precedent for everyone else.Chervinsky thanked Congressman Emmer for investigating these allegations. .

Meanwhile, reports have revealed that U.S. lawmakers are pushing an SBF-backed bill with plans to increase oversight over the crypto space.Some crypto industry leaders criticized invoice.

SEC Reportedly Investigating SBF

In another development, Bloomberg News report The SEC, citing unnamed sources, said it was investigating whether SBF and his company violated securities regulations.

According to the report, regulators have been scrutinizing the SBF’s role in the recent liquidity crisis. Watchdog added that it is also investigating whether FTX.US and its cryptocurrency lending activities violate the law.

FTX has been under strict regulatory scrutiny following its implosion. US regulators are investigating the connection between SBF’s myriad operations and whether the cryptocurrency exchange mishandled customer funds.

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