Binance attempts to hire potential SEC Chairman as adviser

03/06/2023 20:01 • Metaverse & Beyond • 83 views

According to reports, according to the Wall Street Journal (WSJ), the cryptocurrency trading giant Binance hopes to hire Gary Gensler as an adviser several years before he becomes the chairman of the Securities and Exchange Commission. According to the Wall Street Journal citing a large amount of information from the employees of Coin An, Gensler refused. The Wall Street Journal said that in 2018 and 2019, Gensler worked hard to let Gensler join when he was a professor at MIT. These efforts included a meeting with Gensler, Ella Zhang, and Harry Zhou, the former head of the venture capital department of Qian’an, in October 2018. Zhou was working for a company funded by Binance. According to the Wall Street Journal, Zhou wrote in a chat message at that time: “I observed that although Gensler refused to serve as a consultant, he was generous in sharing the licensing strategy.”

WSJ: Binance tried to hire Gary Gensler as a consultant

Interpretation of the news:

According to reports from the Wall Street Journal, Binance, a leading cryptocurrency trading platform, attempted to hire Gary Gensler, the current nominee for Chairman of the Securities and Exchange Commission (SEC), as an advisor several years before his nomination. The report cites sources from Coin An, who claim that Binance was eager to hire Gensler when he was a professor at MIT between 2018 and 2019. Despite several attempts, Gensler declined the offer.

According to the Wall Street Journal, Harry Zhou, the former head of the venture capital department of Qian’an, who was working for a company funded by Binance, arranged a meeting with Gensler, Ella Zhang and himself in October 2018. Though Gensler refused to serve as a consultant, he shared valuable insights on licensing strategy, according to Zhou’s chat message.

Binance’s interest in Gensler prior to his nomination is notable because the SEC has been increasingly scrutinizing the cryptocurrency industry in recent years. As the potential Chairman of the SEC, Gensler will have the power to shape the regulation of cryptocurrencies and blockchain technology.

Some experts have speculated that Gensler’s background in both finance and technology will give him a unique perspective on how to regulate the crypto industry. With Binance being one of the largest cryptocurrency trading platforms in the world, it is not surprising that they would have sought to benefit from Gensler’s expertise in regulatory matters.

It is unclear whether the attempted hiring of Gensler as an adviser could have any influence on his future decisions as SEC Chairman. However, this incident highlights the blurred lines between the private sector and regulatory bodies, especially in the fast-moving world of cryptocurrencies.

In conclusion, the report by the Wall Street Journal sheds light on Binance’s interest in securing Gensler’s advisory services and his subsequent refusal. Moreover, it underscores the importance of Gensler’s upcoming leadership in regulating the crypto industry.

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Binance attempts to hire potential SEC Chairman as adviser

WSJ: Binance tried to hire Gary Gensler as a consultant

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