Lawyers representing Binance and its founder Changpeng Zhao have alleged that SEC Chair Gary Gensler once offered to serve as an advisor to Binance. According to the documents filed by SEC on June 7, attorneys from Gibson & Dunn and Latham & Watkins alleged that Gensler offered to serve as an advisor to the exchange in March 2019.
However, a previous report from The Wall Street Journal in March tell a different story. The report stated that Binance had actually approached Gensler first in 2018 for the advisor role. Messages and documents from 2018 to 2020 cited by the WSJ revealed that Ella Zhang, the former head of Binance's venture investing arm, and Harry Zhou, co-founder of Binance-invested firm Koi Trading, met with Gensler in October 2018 to offer him an advisory position. Gensler declined the offer at that time.
The report also mentioned that multiple private companies had approached Gensler to serve as an advisor while he was teaching at MIT. However, he declined all of those offers.
United States President Joe Biden nominated Gensler to chair the Securities and Exchange Commission in February 2021, and he was sworn into office on April 17, 2021. Prior to joining the SEC, Gensler held the position of professor of the Practice of Global Economics and Management at the MIT Sloan School of Management.
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Policy and Regulation
