The crypto advocates are demanding to disclose a past discussion that happened between Gary Gensler & FTX exchange founder.
Sam Bankman-Fried (SBF) is the founder & former CEO of the collapsed crypto exchange FTX. FTX exchange faced a liquidity crisis because of the mismanagement of users’ funds by the backend team. A report revealed that the majority of the FTX officials were not informed about the mismanagement of the backend funds. Just a few days ago, FTX filed for Bankruptcy with its majority of the affiliated companies under chapter 11 in a US district court.
A past Sec filing confirmed that Sam Bankman-Fried & SEC chairman Gary Gensler did a meeting over the need for Crypto assets custody and Investor protection. A big part of the whole discussion is still under a private domain.
On 15 November, Crypto-law.com confirmed on Twitter that they sent approximately 9000 messages to the Congress App to initiate an investigation to find out the actual discussion of the meeting that happened in the past between SBF & Gensler.
Many reports claimed that there may be some kind of relationship between SBF & Gensler and probably that relationship helped SBF to get into freedom to abuse its centralised power.
Perhaps a report by Fox business confirmed that the meeting between SBF and Gensler was for approximately 45 minutes and in that meeting, there was nothing about any kind of demand or disclosure.
In the present time, there are many crypto companies and crypto-linked businesses that are facing financial challenges because they had a significant amount of funds exposed to the FTX exchange and now they are not able to get their funds back. To fight against these challenges, companies are reducing their workforce & reducing expenses.