Recent events surrounding the bankruptcy of FTX have drawn attention to the actions of the U.S. Securities and Exchange Commission (SEC), which deleted text messages from former Chairman Gary Gensler. This has raised numerous questions and suspicions about information concealment.
SEC's Message Deletion
According to a report from the SEC Office of Comptroller, Gensler's official mobile phone stopped syncing with agency systems on July 6, 2023. In August 2023, a new automatic policy was implemented, stipulating that all data on devices not used for 45 days would be deleted.
The report also indicates that the messages in question were initially recoverable, but due to an accidental factory reset by the IT team, all records between October 18, 2022, and September 6, 2023, were irreversibly deleted.
Industry Response
Industry representatives claim this was not a mere error but an attempt to suppress evidence. Coinbase's Chief Legal Officer Paul Grewal issued a scathing statement, saying, "This is not an 'error.' This is the destruction of evidence related to ongoing cases. Those who readily accuse others should be held to a much higher standard of accountability."
Context of Events
The period covered by the deleted messages coincides with the critical phase when FTX went bankrupt in November 2022 and its founder, Sam Bankman-Fried, was found guilty in November 2023. This situation raises suspicions of "obstruction of evidence" within the ongoing investigations.
The situation surrounding the deletion of Gensler's messages raises serious questions about the transparency and accountability of the SEC in relation to the FTX scandal. This topic's escalation could lead to further inquiries and discussions within the financial sector.
