SEC chairman Gary Gensler has come under a flood of criticism for his anti-crypto stance. Gensler has insisted for some time that cryptocurrencies have security status.
Signatures are collected for Gary Gensler to step down as SEC chairman
A petition calling for the resignation of SEC Chairman Gary Gensler is gaining traction on Change.org, following recent allegations of corruption and market manipulation. The petition calls for SEC Chairman Gary Gensler to resign for failing to protect small investors from short selling.
Gary Gensler is also accused of using Vanguard Group and BlackRock to short crypto-focused stocks like AMC Theaters and GameStop. The SEC Chairman has a net worth of approximately $100 million, 90% of which is under Vanguard’s management.
Gary Gensler refuses talks
The US Congress, other financial regulators, and XRP investors have repeatedly asked to meet with Gensler. Additionally, the SEC under Gary Gensler is moving away from the past judgments and perspectives of SEC officials. For example, despite a court order, the SEC refuses to release drafts of Hinman’s 2018 speech in the Ripple case.
Most of the recent votes in the petition are from the cryptocurrency community.
Gensler’s anti-crypto stance towards the crypto community has resulted in a proliferation of votes against him. The petition currently has approximately 16,200 votes. This makes it the most popular campaign on Change.org. According to the statement in the petition:
SEC Chairman Gary Gensler is complicit in the criminal activities of Citadel Securities, Citadel the Market Maker, through short selling and dark pool abuse. Mr Gensler is guilty of obstruction of justice due to failure to enforce the laws regarding open short selling and lack of competent oversight of market-making activities. Because of Mr. Gensler’s crimes, millions of individual investors defrauded MILLIONS of dollars. We’re talking about the working class, middle class, and poor as much as institutional investors. Mr. Gensler must step down as president and conduct a thorough, detailed, forensic analysis and investigation into Citadel Securities and Citadel Market Maker. This cannot go unpunished. Stand up and sign!
SEC Chairman criticizes cryptocurrency exchanges
According to Gary Gensler, the SEC should regulate cryptocurrencies instead of the CFTC. The SEC criticized cryptocurrency exchange Coinbase last week for listing unregistered securities. On the other hand, the SEC lawsuit against Ripple turns in favor of XRP investors and Ripple.
cryptocoin.com As you follow, in the last week of July, insider trading executives on Coinbase came to the fore. Bringing the allegations to the judiciary through a petition, the SEC decided on securities for 9 altcoins in the petition. The SEC has classified 9 altcoins listed on Coinbase as securities.
