Binance Lawyers Claim Gensler Offered to Advise the Company

On June 7, attorneys from two of Binance’s law firms, Gibson Dunn and Latham & Watkins, filed a court filing in response to the latest SEC crackdown.

In it, they claim that SEC Chairman Gary Gensler offered to act as an advisor to Binance’s parent company in 2019.

According to the filing, Gensler met with Binance CEO Changpeng Zhao in Japan in March to discuss the proposal.

🚨BREAKING: SEC’s Gary Gensler applies to serve as advisor to Binance in 2019

Therefore…

2019: He applied to become an advisor to Binance
2019: He’s dismissed (I’m guessing)
2021: He becomes the chairman of SEC
2022: Says Binance Is “Operating Illegally in the US”
2023: SEC… pic.twitter.com/rMDqk08kYJ

— Mario Nawfal (@MarioNawfal) June 7, 2023

Gensler Hypocrisy Exposed

At the time, Gary Gensler was teaching at the Sloan School of Management at the Massachusetts Institute of Technology.

This is when he famously told students in 2018 that most of the crypto market was not securities. “Three-quarters of the market is non-securities. It’s just a commodity, a cash crypto,” he said at the time.

Five years later, it has done a complete U-turn, labeling most of the crypto market as securities.

According to Binance’s lawyers, Gensler was “trying to adjust with the company” before launching his attack on the firm and its chief executive officer.

cnbc informed of that Gensler and CZ maintained contact throughout 2019. He became chairman of the SEC in 2021, and began his crackdown on the industry the following year.

Gensler has been on the warpath this year, with his ultimate goal of crushing crypto in the United States. Earlier this week, he said that the US does not need digital assets because it has dollars.

The SEC has also ordered the freezing of all Binance.US assets to prevent offshore flights. Industry experts see the irony in this that by trying to “protect investors,” the SEC has actually caused them millions in losses.

CZ was summoned by a US court this week, however, not being a US citizen means he is not required to appear in person.

bnb price sank

Since the enforcement action earlier this week, BNB price is down by about 16%. At the time of writing the asset had fallen 7% on the day to a low of $260.

However, BNB is still much better off than many other cryptocurrencies, down just 62% from its peak value. Ripple’s XRP, by comparison, is down 85% from its all-time high as the firm also battles with the SEC.