The U.S. Securities and Exchange Commission (SEC) reportedly met with crypto exchange FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. SEC Chairman Gary Gensler was rumored to be helping FTX with legal loopholes. However, a new report indicates a contradicting viewpoint.

Gensler's Meeting With Sam Bankman-Fried and FTX

Following the bankruptcy filing of cryptocurrency exchange FTX, rumors have surfaced accusing the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, of helping former FTX CEO Sam Bankman-Fried and his bankrupt exchange with "legal loopholes to obtain regulatory monopoly." Some people have even speculated that the SEC boss was about to issue FTX a no-action letter.

Gensler's own calendar shows that he did meet with Bankman-Fried in March. According to an SEC meeting note, "members of the staff of Chair Gensler met with staff of IEX and FTX to discuss custody of digital asset securities by special purpose broker-dealers, including the unique risks associated with custody of digital asset securities and the conditional no-action relief discussed in the statement."

However, Fox Business' Charles Gasparino explained on Twitter Saturday that "Contrary to speculation" about Gensler looking to grant former FTX CEO Sam Bankman-Fried a regulatory monopoly on a crypto exchange:

"March meeting between the two sides was described by a person attending as '45 minute lecture by Gensler' on what he wants from a crypto exchange."