Congress Demands Answers: What Is Gensler's Role in the FTX Saga? – Coinpedia Fintech News

Sam Bankman-Fried, the 31-year-old founder of the crypto exchange FTX, has taken the stand in his defense during his federal fraud and conspiracy trial. Once a billionaire and a prominent figure in the crypto world, Bankman-Fried now faces charges that could result in a life sentence. Witnesses have described him as ambitious and a risk-taker, and his trial marks a significant shift from his previous stature.

Consumer Action for a Stronger Economy, a nonprofit organization known as CASE, has been advocating for consumer rights. They are now focusing on Gary Gensler, the SEC Chairman, and his role in the FTX situation involving Sam Bankman-Fried.

In a new video by Thinking Crypto, hosted by Tony Edward, he said that the organization’s recent ad highlights their concerns about Gensler’s interactions with FTX officials and Sam Bankman-Fried, who was rumored to be granted a special broker-dealer license. The ad suggests that Gensler’s actions may have been an attempt to influence the crypto market indirectly.

Consumer Action for a Stronger Economy questions why Gensler has not provided Congress with all the communications between the SEC and FTX. Congressman Patrick McHenry has voiced his concerns, stating he doesn’t want to be the first to subpoena the SEC Chair. The organization calls for transparency and asks, “What is Gensler hiding?”

In a related development, SEC Commissioner Hester Peirce shared her thoughts on the library case, expressing her unease with the Commission’s approach to crypto enforcement. Ripple CEO Brad Garlinghouse also criticized former SEC Chair Jay Clayton for his past actions, alleging a lack of action in approving a Bitcoin Spot ETF and filing a lawsuit against Ripple on his way out. He called out CNBC for not addressing these issues in their interviews with Clayton.

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