Uh oh, things can start getting really bad for Gary Gensler if his corruption gets exposed... Gary, you've pushed things way too far, and now you've opened doors that you didn't want to open. I'm going to be shocked if he doesn't get charged with something... US lawmaker demands answers from SEC on docs related to Sam Bankman-Fried’s arrest The chair of a U.S. House oversight subcommittee said all of the documents the SEC had provided on Sam Bankman-Fried’s charges and arrest had been publicly available at the time. 1792Total views 12Total shares Listen to article 3:12 NEWS Collect article Collect with 40% discount from Join us on social networks Michigan Rep. Bill Huizenga, who chairs the United States House Oversight and Investigations Subcommittee, has called out the Securities and Exchange Commission (SEC) for its failure to produce appropriate documents related to the timing of the charges and arrest of former FTX CEO Sam Bankman-Fried, or SBF. In a June 22 hearing on oversight of the SEC, Huizenga said “100% of the documents” the commission had provided on SBF’s charges and arrest were publicly available, suggesting an inadequate response to the congressional committee. The lawmaker criticized the SEC for failing to meet a Feb. 24 deadline to produce documents that allegedly raised “serious questions about the SEC’s process and cooperation with the Department of Justice” in regard to SBF’s charges and arrest. Huizenga suggested the documents provided by the SEC included little more than public briefings on “how the SEC and the Justice Department worked together” in SBF’s case. Megan Barbero, general counsel for the SEC, countered that releasing such documents to the committee was simpler, as they “do not require a commission vote” and others were a “significant process and undertaking.” “The challenge here in balancing the concerns is that the committee staff has identified as the priority the commission’s action memo, which is the very document that contains the information that could prejudice our civil enforcement action and the parallel criminal investigation,” said Barbero. Though not always using the same lines of questioning as Huizenga, other lawmakers invoked FTX and Bankman-Fried in discussing SEC oversight. Texas Rep. Pete Sessions asked for details regarding a reported meeting between Gary Gensler and SBF, claiming the SEC chair had “personal access” to the former FTX CEO. Texas Rep. Al Green called for regulating crypto firms like FTX, which “destroy[ed] investors’ dreams with ignoble schemes,” and also requested Gensler testify. Related: Binance, Binance.US and CZ allege SEC made ‘misleading’ statements on exchange assets The SEC inquiry stemmed from Bankman-Fried being scheduled to testify before the House Financial Services Committee hearing on Dec. 13. He was based in the Bahamas at the time FTX declared bankruptcy in November 2022 and the criminal investigation into his alleged misconduct was underway. Before Bankman-Fried could testify in Congress, he was arrested in the Bahamas and later extradited to the United States. Authorities are planning two criminal trials for Bankman-Fried — one scheduled to begin in October 2023 for eight criminal charges and another scheduled to begin in March 2024 for five counts. The SEC and Commodity Futures Trading Commission also filed separate civil suits against SBF, but those cases have been deferred until the criminal proceedings have been completed. Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Why does Huizenga expect the SEC to produce documents related to "the time of the charges and arrest" of SBF? The criminal charges, and the arrest, were brought by the US Department of Justice--not the SEC. The end of the article notes that the SEC has "filed separate civil suits against SBF." This point has been addressed in many other threads here. Why didn't Huizenga ask the Department of Justice to produce those documents? The SEC does not bring criminal cases, and they do not have the power to arrest anyone. Criminal cases are filed by the US Attorney. The US Attorney's office generally relies on the FBI to investigate criminal cases. They certainly work with other agencies, and they can certainly use evidence gathered by the SEC. But a criminal case and civil lawsuit are two different things. Anyone who says that "the SEC charged SBF," or that the "SEC had SBF arrested" is simply not getting their facts straight. There are only so many ways to explain this. In the USA, lawsuits do not result in arrests or jail time.
Yes, but that does not happen often, and when it does, it is completely unrelated to the merits of the underlying case, and has no connection to whether the claims in the lawsuit are true. And when it happens, the person can almost always get out of jail by simply complying with the court order. Appeals courts have handed down many decisions in which they have repeatedly held that the purpose of a contempt proceeding, and any fine or jail time associated with it, is not to punish the contemnor, but rather to compel the contemnor to cure the contempt, that is, stop disobeying the court order. The most common contempt cases are when a party fails to produce documents or evidence. And the court may order the person jailed until they produce it.
Don't be such cry baby for heaven's sake. You behave as if the entire future of crypto depended on Gensler
The SEC has been doing their best to keep the documents from being exposed, just like they tried to do during the Ripple case. They odviously are the only ones with the documents. And aparently, there is some underlying corruption going on with Gary Gensler and SBF with alligations of him helping SBF go around regulations that they made. I have a feeling we have only scratched the surface. There is even bigger facts and more corruption that we don't even know about that are in those documents. Things are about to get really juicy and people want answers. I have a strong feeling this is not going to end well for gensler...
SEC boss Gary Gensler faces ethics scrutiny over Sam Bankman-Fried meeting By Lydia Moynihan June 22, 2023 4:35pm Updated ON THE MONEY[/paste:font] Lululemon struggles to find buyer for failing fitness gadget despite price slash Robert F. Kennedy dishes on vaccines, crypto, and conspiracy theories AmEx Black Card holders blast ‘soulless’ members-only Centurion lounge Cava IPO signals market boom ahead, bankers say Questions are multiplying around a 45-minute Zoom call that SEC Chair Gary Gensler held in March 2022 with disgraced crypto mogul Sam Bankman-Fried — including whether the controversial powwow got advance approval by the agency’s ethics team, On The Money has learned. The now-infamous virtual meeting — which came six months before Bankman-Fried was arrested on epic fraud charges — has stoked criticism of Gensler over alleged conflicts of interest and cozy ties to the 31-year-old accused fraudster. Now, a document recently obtained through the Freedom of Information Act shows that there is no record that Gensler ever requested permission from the SEC’s Office of the Ethics Counsel to meet with SBF. Not only is that a breach of the agency’s own protocol, it’s also likely that if Gensler had asked for permission he would have been refused, according to experts. A spokesman for the SEC said Gensler had approval for the meeting from the SEC’s ethics team but would not produce any documentation to support the claim. The SEC declined further comment despite repeated requests for clarification. SEC Chair Gary Gensler has been criticized over alleged conflicts of interest and cozy ties to the 31-year-old accused fraudster Sam Bankman-Fried. ZUMAPRESS.com “The fact that the SEC appears unwilling to share all the documentation associated with the vetting of this meeting should raise enormous red flags for investigators,” Thomas Jones, president of the American Accountability Foundation, told On The Money. “These types of special-access meetings are where some of the worst abuses in Washington happen and the American people need to know what happened in the lead up to this meeting.” Multiple sources at the SEC said commissioners typically use email to request a meeting with the Ethics office and create a paper trail. “The reason you put it in an email is you want to get it in writing so you can cover your ass,” a former SEC official told On The Money. “What’s the point of doing it if it’s not in writing?” Sam Bankman-Fried leaves court on Thursday. Alec Tabak “It’s a little suspect to me that the SEC is disputing FOIA but won’t back it up,” another former counsel at the SEC said. Gensler’s failure to vet the meeting is particularly noteworthy given the apparent conflicts he faces in the case, according to experts. FTX’s then-lobbyist Mark Wetjen served as a commissioner of the Commodity Futures Trading Commission at the same time Gary Gensler helmed the CFTC. Wetjen, who has remained close to Gensler, was responsible for setting up the meeting, according to reports. “The FTX case is one of the most significant financial frauds in decades,” Jones said. “FTX hired one of Gary Gensler’s closest allies to serve as their ‘lobbyist’ in Washington and then got an unprecedented direct meeting with Gensler to plead their case.” A spokesman for the SEC said Gensler had approval for the meeting from the SEC’s ethics team but would not produce any documentation to support the claim. REUTERS Meanwhile, Glenn Ellison – the father of Alameda Research CEO Caroline Ellison, SBF’s ex-girlfriend who has since turned informant to the feds – was the head of MIT’s economics department while Gensler was a professor there. While it’s unclear whether the SEC was looking into FTX or its disgraced CEO at the time, people close to the SEC say they believe Ethics would have advised against meeting with SBF given that so little was known about the exchange — and that it wasn’t even headquartered in the US. Stay On the Money Essential weekly read to fuel business lunches. Enter your email address By clicking above you agree to the Terms of Use and Privacy Policy. “It’s a huge failure in judgment from Gensler,” according to Jones. “It speaks to Washington’s ‘swampy-ness’ that Gensler would take that meeting.” On the call, Bankman-Fried reportedly discussed the possibility of launching a new crypto trading platform with Brad Katsuyama’s IEX. SEC insiders say it is highly unusual for an SEC Chair to discuss a work-in-progress. SBF reportedly bragged about having access to Gensler. Indeed, the friendly chat stood in contrast to what most cryptocurrency companies get — even those based in the US. Coinbase CEO Brian Armstrong has slammed the SEC multiple times for its unwillingness to meet with him. Indeed, a 45-minute meeting with an SEC chair is an “eternity,” according to Jones. “Carving out that much time is a big lift.” Coinbase has been the subject of numerous SEC probes. This month, the SEC alleged in a lawsuit that Coinbase’s crypto asset trading platform was operating as an unregistered exchange. Others note that Gensler’s decision to take the meeting without clearing it is indicative of the way he operates at the SEC. The agency raised eyebrows when it waited to charge SBF Bankman-Fried until the day after he was extradited to the US by the Department of Justice. “When it comes to government failure, the public official singularly responsible for failing to expose the FTX fraud is SEC Chair Gary Gensler,” said Ritchie Torres, a Democratic Congressman from New York.
Who are you calling a baby? The crypto market was moving up even with gensler trying to bring it down. He made absolutely no difference on what the market did. That's how insignificant he was... I am helping spread awareness of his abuse of power and corruption so us traders can have better management. If anything you should be thanking me for doing this. It's because of people like me that stand up and raise their voice that people who abuse their power get shut down.
The real abuse is that crypto fraudsters do. Tether is the world biggest financial fraud. But you keep ignoring it of course. SEC is doing what they supposed to finally.