Binance Drops Bombshell – Gensler’s Hypocrisy Laid Bare!

Key Points:

• The history between Securities and Exchange Commission Chair Gary Gensler and BNB prompts Binance lawyers to ask for Gensler’s recusal from the case.
• In March 2019, Gensler met with Binance’s CZ in Japan, and the two remained in touch.
• Binance lawyers say SEC has not confirmed if Gensler will be recused from the case.

Securities and Exchange Commission Chair Gary Gensler “acknowledged the regulatory uncertainty around cryptocurrency and offered to serve as an advisor” to Binance, lawyers for the exchange told SEC officials on June 4.

As BNB faces a suit from the SEC, these lawyers say the history between Gensler and Binance means that Gensler should recuse himself from the case.

According to a letter shared by the SEC in a court filing, BNB’s counsel wrote that in March 2019, Binance’s CEO, Changpeng “CZ” Zhao, had lunch with Gensler in Japan, where they discussed Binance’s BNB token and the possibility of opening an exchange in the U.S. The letter further states that the two remained in touch after the meeting, and Gensler himself offered to serve as an informal advisor. This relationship between Gensler and BNB is the reason BNB’s lawyers are suggesting that Gensler should recuse himself from the case.

BNB’s counsel also mentioned that Gensler forwarded a copy of his planned statement to Zhao for advice prior to a House Financial Services Committee hearing in 2019. The letter indicates that Gensler was also approached by other private firms, including BNB, to be an advisor.

The Wall Street Journal reported in March that “Gensler was approached by multiple private firms including BNB to be an adviser,” but the new letter suggests that Gensler himself pitched the idea to BNB.

Despite this history between Gensler and Binance, the SEC has not confirmed whether Gensler will recuse himself from the case. Binance’s lawyers claim that Gensler should be recused from the case due to his prior relationship with the company, and the possibility that he may be a material fact witness.

After the SEC filed a suit against BNB, the commission filed for a temporary restraining order to freeze all assets on Binance.US. The two parties are scheduled to return to court on June 13 to address the order.

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