SEC Chair Expresses Openness to Rebooted FTX Exchange Under Legal Leadership

In a recent report by Cointelegraph, the Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, indicated a potential green light for a reinvigorated crypto exchange FTX, provided its new leadership adheres strictly to regulatory guidelines.

Gensler’s comments come in response to reports of Tom Farley, former president of the New York Stock Exchange, emerging as a contender to acquire the bankrupt cryptocurrency exchange initially established by convicted fraudster Sam Bankman-Fried.

“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,'” Gensler emphasized in an interview during DC Fintech Week on November 8, as reported by CNBC. He emphasized the importance of building investor trust through transparent disclosures and avoiding conflicts of interest such as trading against customers or misappropriating their crypto assets.

Tom Farley currently serves as the CEO of Bullish, a cryptocurrency exchange established in 2021. This development signifies Farley’s intent to continue making strides in the evolving cryptocurrency landscape.

As of November 8, Fintech startup Figure Technologies and cryptocurrency venture capital firm Proof Group have also entered the bidding fray to acquire FTX, according to a Wall Street Journal report citing sources familiar with the situation. The involvement of these prominent players further underscores the significant interest and potential value associated with the distressed exchange.

The acquisition of FTX by a reputable and legally compliant entity could mark a turning point in the cryptocurrency industry, demonstrating the potential for responsible and trustworthy operations within this dynamic sector. As regulatory scrutiny continues to play a pivotal role in the crypto space, prospective buyers will undoubtedly be keen to align their strategies with prevailing legal frameworks, as underscored by SEC Chair Gary Gensler’s recent remarks.

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