Binance’s lawyers have alleged in a new filing that the SEC chair Gary Gensler offered to be an advisor to the crypto exchange he is suing in 2019.
Documents filed by the SEC on Wednesday reveal that two attorneys from Binance’s law firms allege that the SEC chair offered to serve as an advisor to the exchange in several conversations in March 2019.
As per Binance’s lawyer, the SEC chair was trying to cozy up to the company before he started going after Binance. The Wall Street Journal previously reported on Gensler and Binance’s relationship, citing internal Binance messages and a person close to the SEC chair. Both suggested that Binance approached Gensler.
In 2019, Gensler was scheduled to testify before the House Financial Services Committee, and he reportedly sent a copy of the intended testimony to the Binance CEO.
The latest revelations, if true, would have a direct effect on the Binance lawsuit. If Gary Gensler had personal relationships with Binance, then it might be considered a conflict of interest on his part.
The charges against Binance may lose their weight given Gensler voted to bring the lawsuit against the exchange. This is not the first time Genseler’s personal relationship with crypto projects has come to light. A video of the SEC chair shows him “shilling” Algorand as a great project in 2018, which he later deemed as security.