Is Gary Gensler fired? It is one of the burning questions that arrived when the SEC filed a lawsuit against Bittrex, a popular Ethereum exchange.
Bittrex was sued for allegedly violating regulations by operating unregistered securities.
At the same time, there is growing dissatisfaction with the performance of Gary Gensler, the current SEC chairman, with some in Congress calling for his removal.
A US lawmaker announced plans to propose legislation to remove Gensler from his position as SEC Chair amid criticism from SEC members and the crypto community.
Gensler has faced criticism from House Republicans over his agency’s approach to regulating cryptocurrency platforms.
He has responded by insisting that these platforms must comply with regulations. Some have stated that “regulation by enforcement” is not a sustainable solution.
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Is Gary Gensler Fired Or Resigned?
Gary Gensler has not stepped down or been fired; however, Warren Davidson has announced plans to propose legislation removing Gensler from his position.
The US Congressman, Warren Davidson (R-Ohio), declared to replace Gary’s position with an Executive Director who reports to the SEC Council.
According to Davidson, Gary Gensler, the Securities and Exchange Commission (SEC) chairman, does not qualify for the lower position.
If the legislation passes, Gensler will no longer be able to serve as a leader in the Commission but can still hold other positions.
Davidson previously criticized Gensler and the SEC for selective enforcement after the FTX collapse in November 2022.
In October 2022, Davidson also criticized the SEC for fining Kim Kardashian over her cryptocurrency promotions.
Davidson called the agency’s enforcement policies “incoherent” and “inconsistent” and warned that they could lead to crypto innovation moving overseas.
Additionally, in February 2023, Davidson criticized the SEC for suing Kraken over staking services, which forced the exchange to stop offering staking in the U.S.
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The SEC’s board of commissioners currently has five members, with Hester Peirce and Mark Uyeda regularly dissenting from the agency’s strict crypto policy decisions, including those related to the aforementioned issues.
Davidson and his supporters are advocating for legislation to guard cryptocurrency innovation and prevent arbitrary actions against the industry by the SEC.
However, some have criticized the proposal, viewing it as an effort to undermine the SEC’s authority and diminish investor protections.
Some in the crypto industry had previously called for Gensler’s resignation, and there have been predictions that he will be forced to step down this year.
These sentiments are shared by Ripple supporters, who are eagerly awaiting a resolution to the long-running SEC vs Ripple lawsuit.
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Gary Gensler: Hearing And Testimony
During a hearing before the House Financial Services Committee, the current SEC Chairman, Gary Gensler, was heavily criticized by House Republicans.
Gensler was criticized for his agency’s strict regulation of cryptocurrency trading platforms.
Gary stood firm on his belief that these platforms should adhere to strict U.S. securities laws, arguing that they should comply before his agency punishes them.
Republicans argued that the SEC’s disclosure rules are unfitting for decentralized digital currency exchanges.
Without legislation that creates a new regulatory framework specifically for crypto, digital platforms will move overseas to avoid U.S. regulators.
However, Gensler rejected the notion that crypto trading platforms are unaware of how to interpret U.S. securities laws.
Throughout the hearing, Gensler showed little sympathy for the challenges faced by crypto exchanges operating in the U.S., stating that they must comply with the existing regulatory framework.
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