Gary Gensler Says A Revived FTX Could Work and Former NYSE President Among the Final Bidders

Reported by CNBC, a revived FTX could work if new leadership does so with a clear understanding of the law, SEC Chair Gary Gensler said on Wednesday.

Gensler was referring to reports that Tom Farley, a former president of the New York Stock Exchange, is among a short list of three bidders vying to buy the bankrupted crypto exchange. Farley launched his own digital asset exchange in May called Bullish, which is reportedly one of the final contenders in the bankruptcy auction.

“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,’” Gensler said on Wednesday. “Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures — and also that you’re not commingling all these functions, trading against your customers. Or using their crypto assets for your own purposes.”