SEC Chair Gensler Open to Rebooting FTX with Proper Leadership

SEC Chair Gary Gensler stated that a rebooted FTX, the bankrupt crypto exchange, could work if new leadership operates within the boundaries of the law. Tom Farley, former president of the New York Stock Exchange, is reportedly among the bidders vying to buy the remaining assets of FTX. Gensler emphasized the importance of building investor trust, proper disclosures, and avoiding conflicts of interest. The founder of FTX, Sam Bankman-Fried, was recently found guilty on multiple criminal charges, including fraud and money laundering. Gensler also highlighted the need for enforcement of existing securities laws in the crypto industry and expressed concerns about non-compliance with international sanctions and money laundering laws.