Gary Gensler Offered to Serve as Binance Advisor

A recent court filing revealed that Gary Gensler, the current Chair of the US Securities and Exchange Commission (SEC), applied to be an advisor for Binance in 2019.

According to documents filed by the SEC on June 7, Gensler had offered to serve as an advisor to the exchange. This offer was made during conversations with Binance executives, including Zhao, back in March 2019.

It’s important to note that Gary Gensler’s application predates his appointment as SEC Chair. However, this raises concerns about his impartiality as a regulator, given his previous interest in working with Binance, especially considering the ongoing legal action against the exchange.

The reasons for his unsuccessful application to Binance remain unclear.

Gary Gensler was previously a professor at the Massachusetts Institute of Technology’s Sloan School of Management. However, he was appointed as the head of the SEC by President Biden in 2021.

Gary Gensler has taken a tough stance towards the crypto industry over the past year, suing several companies for selling unregistered securities like Coinbase, Gemini, Genesis etc.

In the most recent case, the SEC has targeted Binance and its CEO, Changpeng Zhao. The allegations are that they did not register as an exchange and broker-dealer, mixed up funds, and failed to have adequate internal controls over their business.

This revelation of his offer to Binance comes after the Binance CEO, CZ revealed their intention to vigorously defend the firm against the SEC. It adds a new layer of intrigue to the ongoing case between the SEC and Binance.

Coinbase CEO, Brian Armstrong, whose firm has also been under pressure from the regulator, had also previously stated that the SEC lacks guidance on digital assets and that Coinbase will represent the crypto industry and seek clarity in court.

Read also: Justin Sun says he stands by CZ and Binance