The Securities and Exchange Commission [SEC] has intensified its regulatory oversight of the cryptocurrency industry. Binance and Coinbase have fallen prey to this heightened scrutiny. The community has observed a more stringent approach from the SEC since the appointment of Gary Gensler as the SEC Chair. Gensler’s recent actions have shown a degree of hostility towards the industry. However, it is worth noting that he hasn’t always been opposed to the Bitcoin-led market.
The recent lawsuit against Binance is not the first time that Gensler has had an interaction with the exchange. Kenny, the co-founder of the Manta Network, has claimed that he worked as a teaching assistant to Gensler. This was when the SEC Chair was teaching at MIT in 2019. During that time, Gensler reportedly forwarded a report about BNB, the native cryptocurrency of Binance, from the Manta Network’s co-founder to Changpeng Zhao, the CEO of Binance.
This wasn’t all. Gensler further encouraged Kenny to become more involved in the crypto industry. These revelations suggest a prior connection between Gensler and individuals associated with Binance, potentially indicating a history of engagement and communication.
I didn’t think I’d focus on web3. Been in crypto for a while & even wrote articles, but never thought I’d get more involved. Meeting Mr. Gensler, members from the DCI, and watching another side of the space unfold gave me a new perspective.https://t.co/O36daO14Qm
— 🤓Kenny 🦇🔊 (🔱,🔱) (@superanonymousk) June 8, 2023
It looks like Kenny was taken aback by the lawsuit against Binance and Coinbase. Addressing the same he wrote,
“The recent news regarding the lawsuits against binance and coinbase is truly an unfortunate outcome from the perspective of someone inspired by the same figures entangled in this. As silly as it sounds, it’s like watching your parents fight. I wish the outcome was different, I don’t have all the information, and I know this is only the beginning. But I truly hope that whatever comes out of this takes into account all of the hard work that the brightest minds are putting into the space to change the world.“
Crypto community questions SEC Chair
After the Manta co-founder’s claims surfaced on Twitter, the crypto community started to share their thoughts on the matter. Some individuals speculated that Gensler may be influenced or directed by external entities. Additionally, there were suggestions that Gensler could be receiving financial compensation.
At this point, it’s clear that @GaryGensler is that type of person that used to love #Cryptocurrency but turned evil and now is against #Crypto just to appease the 🇺🇸US politicians https://t.co/1X100bAwYf
— Ajay Kashyap (@EverythingAjay) June 8, 2023