Gary Gensler, the head of the US Securities and Exchange Commission (SEC), met with former FTX CEO SBF twice in less than a year, but not because Gensler noticed any wrongdoing on the part of FTX.
Gary Gensler added that additional regulation was not necessary to stop misuse and fraud of digital currencies despite the FTX's encryption crisis. Gary Gensler worked for and answered to Glenn Ellison, the father of Alameda CEO Caroline Ellisons, when he was a professor at the Massachusetts Institute of Technology. Furthermore, according to Bloomberg, SBF had at least four covert meetings with Biden's top aides before FTX declared bankruptcy. SBF's brother Gabriel Bankman-Fried has also been to the White House. Officials claim that Gabriel Bankman-Fried primarily spoke with his Guarding Against Pandemics Foundation about matters.
Sam was a crucial backer of the president's 2020 campaign, and his gifts to the District of Columbia opened doors, even to the Biden White House. In addition, he was a well-liked speaker before a number of congressional committees that were anxious to hear from the young crypto expert. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, was thrilled by SBF's knowledge of cryptocurrency and gave him a kiss after hearing him speak.
Like Madoff, SBF had his detractors, particularly in light of the fact that he seemed to be prospering while others were being crushed by the 2022 crypto crash. He also operated a hedge fund and an exchange, which is a recipe for catastrophe when the hedge fund loses money and customer accounts are compromised.
Nearly until it was revealed that billions of dollars in customer funds were stolen from SBF's FTX crypto exchange and lost in his hedge fund's gaming, SBF continued to meet with allies in Congress, contacts at the CFTC, and key investors, in addition to all those adoring media types.
