{"id":23732,"date":"2024-11-27T13:04:13","date_gmt":"2024-11-27T13:04:13","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=23732"},"modified":"2024-11-27T13:04:13","modified_gmt":"2024-11-27T13:04:13","slug":"pro-xrp-attorney-criticizes-secs-lenient-treatment-of-bankman-fried","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/pro-xrp-attorney-criticizes-secs-lenient-treatment-of-bankman-fried\/","title":{"rendered":"Pro-XRP Attorney Criticizes SEC’s Lenient Treatment of Bankman-Fried"},"content":{"rendered":"\n

A lawyer advocating for XRP has criticized SEC Chair Gary Gensler for showing favoritism towards certain cryptocurrency platforms. This accusation comes from revelations about Gensler having private meetings<\/a> with Sam Bankman-Fried, the head of an offshore crypto exchange.<\/p>\n

<\/span>Concerns of Bias<\/strong><\/span><\/h2>\n

Jonhn Deaton has raised questions regarding Gensler’s close ties with Bankman-Fried, suggesting that Gensler has been lenient towards the offshore exchange firm, while ignoring requests for meetings from other cryptocurrency executives.<\/p>\n

Notably, prominent figures like Kraken’s Jesse Powell and Coinbase’s Brian Armstrong have been denied meetings with Gensler, prompting concerns over equal treatment in the digital asset landscape.<\/p>\n

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Why not release all correspondence and notes from your private meetings with the Bernie Madoff of Crypto – @SBF_FTX<\/a>? Why did you meet with the CEO of an offshore exchange but not with American CEOs like @brian_armstrong<\/a> and @jespow<\/a>? Did the $10M that\u2026 <\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) November 25, 2024<\/a><\/p>\n<\/blockquote>\n

The lawyer is calling for transparency from Gensler regarding his discussions with Bankman-Fried, explicitly asking for the release of details about their meetings.<\/p>\n

Deaton stated, \u201cWhy not disclose all communication related to your meetings with @SBF_FTX, who has been likened to the Bernie Madoff of Crypto?\u201d<\/p>\n

A social media user noted that Bankman-Fried appeared to be granted multiple private meetings with Gensler while others were left out.<\/p>\n

<\/p>\n

Another observer remarked that Ripple sought simple clarification from the SEC but has faced a lengthy four-year lawsuit.<\/p>\n

Deaton pointed out that Gensler’s behavior hints at preferential treatment toward Bankman-Fried, undermining the principle of equal treatment for all firms in the crypto space.<\/p>\n

<\/span>Campaign Contributions<\/strong><\/span><\/h2>\n

Deaton mentioned that Bankman-Fried has made \u201csignificant political donations,\u201d which he theorizes may have influenced Gensler’s access to him for regulatory talks.<\/p>\n

He asked, \u201cDid Bankman-Fried\u2019s $10 million donation facilitate his discussions with regulators? Was this your price?\u201d<\/p>\n

This suggests a potential correlation between the donation and favorable treatment from the SEC towards FTX, contrasting with the agency’s harsher stance toward domestic crypto companies.<\/p>\n

Gensler’s Planned Resignation<\/strong><\/p>\n

Gensler has announced his intention to step down from his position in January, coinciding with the upcoming inauguration of President-elect Donald Trump, who has signaled plans to remove Gensler from the SEC.<\/p>\n

In light of Gensler’s departure, Deaton proposed Brad Bondi as a suitable successor, asserting the need for clear and equitable cryptocurrency regulations to support the industry’s growth.<\/p>\n

Image source: Pixabay, Chart source: TradingView<\/em><\/p>\n