Binance lawyers claim that Gensler was offered as a business consultant

Binance lawyers claim that Gensler was offered as a business consultant

On June 7, lawyers from Gibson Dunn and Latham & Watkins, two of Binance's law firms, filed a statement of claim in response to the SEC's recent actions.

In it, they claim that SEC Chairman Gary Gensler offered to serve as an advisor to Binance's parent company in 2019.

According to the documents, Gensler met with Binance CEO Changpeng Zhao in Japan in March to discuss the proposal.

🚨BREAKING: SEC's Gary Gensler applied to be an advisor for Binance in 2019

So…

2019: He applies to become a consultant at Binance
2019: He is rejected (my guess)
2021: He becomes chairman of the SEC
2022: Says Binance is “operating illegally in the US”
2023: SEC… pic.twitter.com/rMDqk08kYJ

— Mario Nawfal (@MarioNawfal) June 7, 2023

Gensler's hypocrisy exposed

At the time, Gary Gensler was teaching at the Sloan School of Management at the Massachusetts Institute of Technology.

Back in 2018, he told students that most of the crypto market was not securities. "Three-quarters of the market is non-securities. It's just a commodity, a cash cryptocurrency," he said at the time.

Five years later, he did a complete about-face and referred to most of the crypto market as securities.

According to Binance's lawyers, Gensler tried to get used to the company before launching his attack on the company and its CEO.

CNBC reported that Gensler and CZ remained in touch throughout 2019. He became SEC chairman in 2021 and began his crackdown on the industry the following year.

Gensler has been on the warpath this year, with his ultimate goal of breaking crypto in the United States. Earlier this week, he said that America doesn't need digital assets because it has the dollar.

The SEC has also ordered the freezing of all Binance.US assets to prevent offshore flights. Industry experts have recognized the irony that the SEC's attempt to "protect investors" has actually caused them to lose millions.

CZ received a subpoena from a US court this week. However, since he is not a US citizen, he does not have to appear in person.

BNB price is falling

Since the enforcement action earlier this week, BNB prices have fallen by around 16%. At the time of writing, the asset was down 7% on the day to $260.

However, BNB is still performing much better than many other cryptocurrencies and is only down 62% from its peak price. Ripple, in comparison, has seen XRP fall 85% from its all-time high as the company also finds itself in a battle with the SEC.

.