Pro-XRP Attorney Criticizes SEC Chair Gensler for Alleged Bias
A prominent attorney supporting XRP has strongly criticized SEC Chair Gary Gensler, accusing him of showing favoritism towards certain cryptocurrency platforms. The Securities and Exchange Commission leader has come under fire as his detractors revealed that he engaged in private discussions with the founder of an offshore cryptocurrency exchange.
Perceived Disparity in Treatment
John Deaton has raised concerns regarding the unusual connection between SEC Chair Gensler and Sam Bankman-Fried, the founder of FTX. Deaton suspects that Gensler provided a preferential decision to the offshore crypto exchange. According to Deaton, the regulatory official granted private meetings to Sam Bankman-Fried while declining requests from other cryptocurrency firms seeking formal discussions with him.
Executives from various crypto companies, including Jesse Powell of Kraken and Brian Armstrong of Coinbase, attempted to secure meetings with Gensler, but were reportedly denied. This has led to claims of unequal treatment within the digital asset industry.
“How about you release all the correspondence and notes related to your private meetings with the Bernie Madoff of Crypto – @SBF_FTX?” Deaton questioned in a public post.
In response to Deaton’s post, a user queried why Bankman-Fried received not just one, but multiple private meetings with the SEC chief, suggesting these were conducted in secrecy. Meanwhile, another crypto entity, Ripple, was entangled in a legal battle spanning four years despite merely seeking regulatory clarity.
Deaton argues that Gensler’s actions reflect a bias towards FTX, undermining the equitable treatment that all crypto firms deserve.
Role of Political Contributions
Deaton highlighted that Bankman-Fried made significant political contributions, which might have facilitated his access to SEC discussions. The attorney questioned whether the $10 million donation to the administration was a factor in allowing Bankman-Fried to engage with regulators, implying that such contributions might have influenced the favorable treatment received by FTX compared to other American cryptocurrency companies.
Gensler’s Impending Resignation
Gensler has declared his intention to resign from his position at the SEC in January, aligning with the inauguration of President-elect Donald Trump, who had vowed during his campaign to remove Gensler from office. With Gensler’s departure, Deaton has suggested that Brad Bondi would be a suitable successor, emphasizing the necessity for a just and transparent cryptocurrency policy that will enable the digital asset industry to thrive.
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