- SEC Chair wealth exceeds $100M with parts managed by Vanguard Group.
- Gensler’s public calendar shows multiple meetings with Vanguard representatives.
- However, no substantial engagement with crypto entities.
Renowned legal agency CryptoLaw has questioned potential conflicts of interest in the U.S. Securities and Exchange Commission (SEC) leadership. In a recent tweet, CryptoLaw unveiled crucial information regarding Gary Gensler’s financial profile and professional engagements under his SEC chairmanship.
According to the report, publicly accessible records show Gensler’s wealth exceeds $100 million. CryptoLaw argued Gensler’s earlier financial disclosures indicate that a significant portion of his wealth is in investment funds managed by Vanguard Group.
Also, the investment is channeled through two principal entities, Annabel Lee LLC and a Marital Trust.
Furthermore, CryptoLaw highlighted that Gensler’s public calendar shows multiple meetings with Vanguard representatives without substantial engagement with crypto entities. In particular, it said the SEC chairman held at least seven with representatives from Vanguard Group. It is worth mentioning that Vanguard is one of the largest asset managers in the world.
Meanwhile, the calendar entries indicate no substantial interactions with retail digital asset holders, crypto companies, or blockchain leaders. Therefore, the legal agency raised pertinent questions given the frequency of engagements with Vanguard Group.
Moreover, CryptoLaw mentioned that Gensler has been notably reticent in addressing inquiries from various stakeholders. CryptoLaw highlighted that he never responded to letters from top U.S. politicians Bill Huizenga, Patrick McHenry, and Pat Toomey.
Furthermore, CryptoLaw noted Gensler’s absence from appearances before the Financial Committee to address queries. It also included his reluctance to engage with the crypto industry alongside the SEC’s enforcement actions against crypto legal representatives.
Given these circumstances, CryptoLaw believes asking whose interest Gensler serves is fair. “Is Gary Gensler working for you or for himself?” the agency asked.
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