SEC Chair Gary Gensler Warned About Subpoena For Avoiding Transparency About FTX
US Congressman Patrick McHenry has raised concerns over the transparency of the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, regarding their interactions with prominent cryptocurrency exchange FTX and its founder, Sam Bankman-Fried. However, out of approximately 10,000 crypto tokens in existence, fewer than 10 have complied with this requirement, leading to concerns about unregulated crypto products.
Moreover, major cryptocurrency exchanges, including FTX, have not registered with the SEC, and the regulatory agency has refrained from taking legal action to enforce such registration. This lack of enforcement has allowed countless crypto entrepreneurs to promote their products without disclosing crucial information, such as associated risks and the identities of those involved. SEC Chair Gary Gensler drew attention to potential parallels between Binance and FTX, specifically their alleged use of affiliated entities for fund transfers. Gensler highlighted FTX’s alleged involvement in fraudulent activities and market manipulation through its sister firm, Alameda Research, led by Sam Bankman-Fried.Congressman McHenry criticized Gensler’s response to these concerns.
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