The Gensler–SBF Conspiracy?

Uniswap founder Hayden Adams has shared an account that once again stirred emotions in the crypto world. According to him, about two weeks before the collapse of FTX, he had a meeting with Sam Bankman-Fried. During that conversation, SBF allegedly hinted that then-SEC Chair Gary Gensler was considering classifying the largest cryptocurrencies — including Bitcoin and Ethereum — as securities. Adams claims this was part of a broader plan that could have dramatically reshaped how the U.S. crypto market operates.

SBF reportedly asked him to support a regulatory bill backed by the SEC. Adams refused, stressing that the proposal would be harmful to the entire industry. As he recounted, FTX maintained close contact with the SEC, and the regulator was seeking full control over digital asset trading. The most controversial part of the plan involved granting FTX an exclusive brokerage license — effectively making FTX the only platform legally allowed to facilitate cryptocurrency trading in the United States.

Adams emphasized that SBF appeared noticeably tense during the discussion, which — in his view — showed how serious the situation was. Although no explicit statement was made about enforcing complete control over BTC and ETH, the tone of the conversation suggested that the SEC was seriously considering such a move. Ultimately, the plan was never implemented because FTX collapsed spectacularly. Ironically, as Adams noted, that very downfall may have saved the entire sector from harmful centralization and from handing over a crucial role to a single company.