Recently, many individuals have criticized the stance of Gary Gensler, the US SEC chairman, towards the crypto community. Also, since his inception into office, the chairman has asserted aggressive control over the crypto sector.
According to Gensler, all cryptocurrencies are securities despite different stances from previous SEC leaders. However, a petition is looming on the horizon. The petition is calling for the resignation of the SEC boss.
Petition Accuse SEC Chair Of Alleged Market Manipulation And Corruption
According to the petition posted on Change.org, Gensler has been involved in cases of alleged market manipulation and corruption. Hence, the petition calls for the SEC boss’s immediate removal.
Meanwhile, the petition has gained huge attention online. As of the time of writing, over 16,000 individuals have endorsed the petition.
Furthermore, the complaint argued that the chairman should resign because he failed to protect the crypto investors. Under his watch, there have been increased cases of crypto fraud.
One of these frauds is the short-selling and misuse of dark pools orchestrated by Citadel Securities. Furthermore, the group accused Gensler of shirting some crypto-based firms.
These firms include GameStop and AMC Theatres through Annabel Lee LLC, Vanguard Group, and an unlicensed Marital Trust.
On the 27th of July, John Deaton, an attorney, revealed that Vanguard Group manages the funds of Gensler’s companies. They include a Marital Trust and Annabel Lee LLC.
The SEC Refused To Obey A Court Order
Furthermore, Gensler’s net worth is over $100 million, and Vanguard Group manages 90% of his wealth. According to Deaton, the SEC boss wants to control and dominate the crypto sector.
As a result, he is fighting to tag all cryptocurrencies as securities. This would bring them under the jurisdiction of the SEC.
Also, Gensler has asked crypto-based firms to work with him to safeguard investors. Meanwhile, he has refused to talk with the US Congress, XRP crypto investors, and other institutions.
Additionally, the watchdog under his administration has shunned the prior rulings and opinions of past leaders. A case study is the rift between SEC and Ripple.
In the ongoing lawsuit, the watchdog has refused to submit the 2018 speech of Hinman. This was after the court ordered the agency to provide the draft of the ex-chairman.
According to Brad Garlinghouse, the SEC believes most crypto firms cannot engage in a legal battle. This is due to the financial constraint faced by most of them.
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