Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), has indicated a willingness to consider the reboot of the crypto exchange FTX.
Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), has indicated a willingness to consider the reboot of the crypto exchange FTX, under the condition that any new leadership operates within legal boundaries. Gensler's remarks come in response to speculation about Tom Farley, the former president of the New York Stock Exchange, being a potential acquirer of the bankrupt FTX exchange, originally founded by Sam Bankman-Fried, who was convicted of fraud.
Speaking during an interview at DC Fintech Week on November 8, Gensler conveyed, "If Tom or any other individual wishes to enter this domain, my advice would be to do so within the confines of the law." He underscored the significance of establishing investor confidence, ensuring proper disclosures, and avoiding conflicts of interest, such as trading against customers or utilizing their crypto assets for personal gain.
Tom Farley, presently serving as the CEO of the cryptocurrency exchange Bullish, is among three contenders, alongside fintech startup Figure Technologies and cryptocurrency venture capital firm Proof Group, competing to acquire FTX. The successful bidder may potentially relaunch the exchange following its planned emergence from bankruptcy next year.
Gensler also drew attention to the prevalence of fraud within the crypto industry, emphasizing the necessity for heightened measures to thwart malicious actors from exploiting investors. The SEC is currently engaged in legal disputes with prominent entities in the crypto space, including Binance, Coinbase, Ripple, and Grayscale.
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