SEC Chairman Advocates for FTX Exchange Restart:
- Gary Gensler, SEC Chairman, supports the idea of a full restart of the cryptocurrency exchange FTX.
- The SEC Chairman emphasizes the importance of complying with the current cryptocurrency regulations.
- The SEC remains vigilant against non-compliant players and fraudulent practices in the industry.
A New Chapter for FTX?
The possibility of a restart of the FTX exchange, under new leadership, has been mentioned by Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC). This statement comes after former New York Stock Exchange President and current Bullish CEO, Tom Farley, was announced as the main acquirer of the bankrupt exchange.
Gensler, speaking at the DC Fintech Week, explained that he is not against the idea of actors like Farley taking over FTX, as long as their operations comply with established legal frameworks.
“If Tom or anyone else wanted to work in this field, I would simply tell them, ‘do it in compliance with the law.’”
– Garry Gensler
He then emphasized the importance of trust in investors and regulatory compliance for any entity wishing to operate in this sector.
Gensler stressed the need for future FTX leaders to distance themselves from questionable practices, such as conflicts of interest, trading against their clients, or misuse of client assets for personal gain.
Towards Stricter Regulation?
Speaking about Sam Bankman-Fried, the former CEO of FTX, the SEC Chairman also suggested that additional efforts are required to protect investors from such actors.
To date, the SEC continues to fight against entities such as Binance, Coinbase, and Ripple for alleged violations of securities laws, as well as Grayscale regarding its request to convert its Bitcoin Trust product into an exchange-traded fund (ETF) for Bitcoin.
