Gary Gensler’s Secret Plan to Destroy the Cryptocurrency Market May Have Been Exposed – FTX Founder SBF Also Involved

A brand new declare that may trigger controversy within the cryptocurrency market got here from UniSwap (UNI) founder Hayden Adams.

Gensler even needed to designate Bitcoin as a safety asset

Chatting with Sam Bankman-Fried (SBF) about two weeks earlier than the FTX crash, Adams prompt that then-SEC Chairman Gary Gensler was making ready to categorise all main cryptocurrencies, together with Bitcoin and Ethereum, as “securities.”

Adams acknowledged on social media that the SBF had requested him to help a invoice that might “destroy” the crypto trade, however he had declined. Sharing particulars of the assembly, Adams mentioned that the SBF is in shut contact with the SEC and that the establishment needs to determine full authority over the crypto market.

In accordance with Adams’ assertion, the SEC was contemplating designating not simply Ethereum, however even Bitcoin, as a safety asset. He additionally acknowledged that the intention was for FTX to acquire a sole dealer license in change for the rules, whereas an establishment FTX companions with would have a sole change license. In such a state of affairs, crypto buying and selling within the US would solely happen legally by means of FTX.

“The SBF did not say so, however they did say that they have been in very deep discussions with the SEC, and that the company needed jurisdiction over ETH and BTC,” Adams mentioned. He additionally added that the SBF was fairly tense throughout the assembly.

Adams acknowledged that the plan in query utterly fell aside with the collapse of FTX, noting, “Mockingly, the collapse of FTX could have saved the trade.”

*This isn’t funding recommendation.