CNBC reported In a surprising twist to the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), Binance’s lawyers have revealed that SEC Chair Gary Gensler had offered to serve as an advisor to the cryptocurrency exchange back in March 2019, while he was still teaching at MIT.
The lawyers have called for Gensler’s recusal from any actions involving Binance, citing potential conflicts of interest. The SEC responded, stating that Gensler is fully compliant with his ethical obligations, including any recusal obligations. This revelation has added a new dimension to the already contentious relationship between Binance and the SEC.
Binance’s Allegations and Request for Recusal:
According to the lawyers representing Binance, Gary Gensler, the current SEC Chair, had offered to serve as an advisor to the cryptocurrency exchange in March 2019. This offer was made while Gensler was still associated with the Massachusetts Institute of Technology (MIT) as a professor.
Binance’s legal team argues that this alleged involvement raises questions about potential conflicts of interest, as Gensler’s current position involves regulating the cryptocurrency industry, including exchanges like Binance.