FTX could be rebooted from bankruptcy if its next leadership remains within the bounds of the law, says SEC Chair Gary Gensler. Former president of the NYSE Tom Farley is one of three bidders in the running to buy FTX.
“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,’” SEC Chair Gary Gensler iterated.The United States securities regulator chief has hinted he would be open to a rebooted crypto exchange FTX — as long as its new leadership stays within the bounds of the law.
SEC Chair Gary Gensler’s comments were made in response to reports that Tom Farley, a former president of the New York Stock Exchange, is now in the running to buy the bankrupt cryptocurrency exchange founded by“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,’” Gensler said in an interview at DC Fintech Week on Nov. 8,
“Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures — and also that you’re not commingling all these functions, trading against your customers or using their crypto assets for your own purposes.
Meanwhile, in light of Bankman-Fried’s conviction, Gensler said the cryptocurrency industry is still rife with fraudsters and suggested more work needs to be done to keep them away from investors. “Think about how many actors in this space are not complying right now with international sanctions and money laundering laws and are using crypto for nefarious or bad actions. He said, without naming individuals or companies. Gensler added:Despite the SEC’s crackdown on the cryptocurrency industry, U.S.
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