SEC Chairman Gary Gensler once offered to serve as an adviser to Binance in 2019, according to lawyers representing Binance and founder Changpeng Zhao, CNBC reports.
In documents filed by the SEC on June 7, lawyers for Gibson & Dunn and Latham & Watkins allege that Gensler offered to serve as an adviser to the exchange in various conversations with Binance executives, including Zhao in March 2019.
Gensler was nominated by United States President Joe Biden to serve as Chairman of the United States Securities and Exchange Commission in February 2021 and later took office on April 17, 2021.
Related: SEC's Gensler Claims 'Parallels' Between Binance and FTX, But One Was Not Sued
Before joining the SEC, he was Professor of the Practice of Global Economics and Management at MIT's Sloan School of Management. From 2017 to 2019, he served as Chairman of the Maryland Consumer Financial Protection Commission.
This is a developing story, and more information will be added as it becomes available.
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What makes a crypto asset a security in the U.S.?
