Attorney Gerard Scimeca, chairman of Consumer Action for a Strong Economy (CASE), has commented on the U.S. Securities and Exchange Commission’s (SEC) chairman’s approach to crypto regulation amid the agency’s pursuit of legitimate crypto businesses while overlooking fraudulent enterprises such as FTX and Celsius.
Scimeca criticized SEC chairman Gary Gensler during an episode of the Thinking Crypto Podcast by Tony Edward, where both parties sought to expose Gensler’s “dirty FTX secrets.”
Gary Gensler & the #SEC have not turned over #FTX related documents to Congress. What is Gary hiding?
CASE cofounder Gerard Scimeca joins me to discuss their recent ad campaign highlighting Gary Gensler’s FTX connections. @CASE_forAmerica
WATCH ▶️ https://t.co/kKYQweKEcp… pic.twitter.com/PZU9Q52KWQ
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) November 16, 2023
According to Scimeca, Gensler is leaving the crypto industry “in a state of limbo” by not following through on hinted regulations. He cited the example of environmental, social, and governance (ESG) regulations, where companies expended enormous resources to comply with frameworks.
Furthermore, Scimeca highlighted the lack of clarity from the SEC regarding its dealings with Ripple Labs. He claimed the SEC brushed off Ripple’s requests for clarification before suddenly pursuing legal action against them. Overall, he alleged Gensler failed to fulfill his responsibilities, suggesting that his actions impact crypto companies and token holders.
Additionally, Scimeca brings attention to the case of Sam Bankman-Fried, the founder of the now-defunct FTX crypto exchange, facing fraud trials in the United States. The lawyer pointed out that Bankman-Fried is about the youngest individual, 31, to have entered into a deal with U.S. financial behemoth Goldman Sachs.
Scimeca used this example to contrast Gensler’s focus, implying that Gensler targets companies like LBRY and Ripple while overlooking fraudulent firms like the bankrupt FTX. In his words: “It’s just very interesting that this is the guy “Sam Bankman-Fraud” that is picking people’s pockets in broad daylight, and Gensler is going after LBRY and Ripple.”
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