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18 GOP AGs sue SEC as Gensler hints resignation

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Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.

Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

Litigation from GOP AGs and states has added to the existing scrutiny of Gensler’s SEC career. Top lawmakers have opened an investigation into the SEC’s hiring practices amid suspicions of politically biased recruitment, which has spurred the inquiry.

Several members of Congress have called for his resignation, and Donald Trump has promised the digital asset industry that he would dismiss Gensler.

Is Gary Gensler retiring?

Social media is buzzing with speculation that Gensler might be on his way out as SEC Chairman. His comments in a note on Nov. 14, calling his time at the SEC “a great honor” and praising his colleagues for their dedication, have fueled rumors of a possible imminent retirement.

The SEC is a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.

Gary Gensler, SEC chair

He added that it’s been a privilege to serve with the SEC “doing the people’s work and ensuring that our capital markets remain the best in the world.”

A firm stance on crypto regulation has marked Gensler’s tenure at the securities regulator. Blockchain industry players increasingly anticipate changes in leadership and policy enforcement from the SEC after years of grappling with Gensler’s regulatory approach.

The SEC has ongoing court cases against firms like Coinbase and Ripple (XRP). As such, Gensler’s potential departure has become a focal point for speculation on how regulatory policies might shift under new leadership.





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Ex-SEC Official Slams Gary Gensler For Crypto Enforcement Move

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5 days ago

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December 18, 2024

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The US Securities and Exchange Commission (SEC) is undergoing a leadership transition. Paul Atkins has been named as the successor to Chairman Gary Gensler. Despite Gensler having a few more weeks to lead the agency, he has made historic appointments, a trend former SEC Internet Enforcement Director John Reed Stark calls “Lame Duck” promotions. This backlash comes amid sustained advice that Gary Gensler needs to sheath his crackdown sword regarding the crypto industry.

The Obvious Fault in the Gary Gensler Appointments

In his analysis, John Reed Stark noted that “Gary Gensler is clearly attempting to pilot the SEC Enforcement Division from the grave.” He pointed out that the US SEC Chairman has promoted 5 staffs to Senior Officer roles at the Enforcement Division.

While promotions are not bad, he faulted the pace and the motive. According to John Reed, there are very few Senior Officer positions at the SEC headquaters. These roles are typically filled up over the course of a decade, not a month. To emphasize on the weight of these promotions, he said these roles are career civil service jobs. This makes the staff immune from removal unlike political appointments.

Additionally, he revealed that four out of the five promoted staffs made big crypto crackdowns over the past years. This way, if nominated SEC Chair Paul Atkins tries to probe past crypto enforcement actions, these senior officers can block such moves.

To wrap up his review, Reed Stark said since the people voted for Donald Trump, then Gary Gensler should not deliberately undermine his crypto mandate.

The Mission to Clean The Swamp

Many considered the victory of Donald Trump in the last US election as a vote of confidence for the crypto sector. Having declared himself the crypto President during the campaigns, a lot of crypto voters backed his renomination bid.

With the victory, the President is now trying to keep his promises. Though challenges are ahead, he has started making important appointments to achieve this goal. Beside Paul Atkins, the President-elect has nominated David Sacks as Crypto Czar to help drive policy changes to help the industry.

Industry leaders remain hopeful that these starting gestures will help the market. One initial way to prove the clean the swamp campaign is a potential probe of Operation Chokepoint 2.0. Coined by Nic Carter, this operation highlights how crypto firms were systemically debanked, leading to the collapse of banks like Silvergate.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is US SEC Chair Gary Gensler Accusing D.O.G.E Chief Elon Musk?

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1 week ago

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December 13, 2024

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With just over a month left for his tenure at the office, US SEC Chair Gary Gensler has slapped a notice on tech billionaire Elon Musk by initiating an investigation into Neuralink, Musk’s brain-computer interface (BCI) company. Musk’s lawyer Alex Spiro has responded to this by putting out the details of the charges.

The U.S. Securities and Exchange Commission (SEC) will be preparing for additional charges against Tesla Chair Elon Musk while also reopening an investigation into his neurotechnology company, Neuralink.

Musk’s lawyer, Alex Spiro, has responded to the SEC chair Gary Gensler in a letter shared on the social media platform X. The letter notes that the US SEC has given Musk a 48-hour deadline to accept the monetary settlement or face charges on “numerous counts”.

However, the securities regulator has failed to mention the exact nature of these charges while referring to a multi-year investigation by the agency. Additionally, the SEC has revived its probe into Neuralink, Musk’s brain-computer interface venture. Musk wrote: “Oh Gary, how could you do this to me?”

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Calls for an investigation into Neuralink first surfaced back in 2023. Back then lawmakers raised concerns over Musk’s claims regarding the safety of the company’s brain implant technology. Slamming the SEC, Musk’s lawyer Alex Spiro said that the recent SEC actions are nothing but an “endless investigation campaign” targeting the billionaire entrepreneur.

US SEC Chair Gary Gensler holds a very bad reputation, especially in the crypto space, for his high-handed regulatory approach. Ripple CEO Brad Garlinghouse said that the company lost more than $150 million in a legal battle with the SEC because of Gensler.

Elon Musk’s history with the SEC includes a $20 million settlement in 2018 over his tweets claiming that Tesla would go private and that the necessary funding had been secured. Elon Musk also tasked his AI, Grok, with creating an illustration of SEC Chair Gary Gensler. The resulting image depicted a snail in a business suit, referencing Gary the Snail from SpongeBob SquarePants.

Will Paul Atkins Transform Crypto

The crypto community has been celebrating Gary Gensler’s ouster calling it an end to the tough regulatory regime for the industry. All eyes are on incoming SEC chair Paul Atkins who is set to revive the SEC with friendlier crypto reforms.

“Under his leadership, the SEC may move away from aggressive tactics that prioritize headline-grabbing penalties over substantive outcomes,” wrote lawyers at US legal firm Anderson PC.

On the other hand, Elon Musk will be working at the Department of Government Efficiency (D.O.G.E) and has recently proposed measures to end US inflation with the focus on cutting the federal spending.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple executives praise Trump’s pro-crypto SEC head pick

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3 weeks ago

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December 4, 2024

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Ripple executives Brad Garlinghouse and Stuart Alderoty voiced their support for Paul Atkins as the next U.S. Securities and Exchange Commission chair. 

Their optimism centers on Atkins’ reputation as a pro-innovation advocate, signaling what they believe could be a major shift in the SEC’s approach to cryptocurrency regulation.

Alderoty praised the prospect of a leadership trio of Atkins, Hester Peirce, and Mark Uyeda, stating they would bring “common sense” and “true investor protection” back to the agency. Similarly, Garlinghouse described Atkins as “an outstanding choice,” emphasizing his potential to “end the prohibition era on crypto” and champion economic growth and innovation.

Paul Atkins, a former SEC commissioner, is known for his market-driven approach and advocacy for reducing regulatory burdens. His nomination follows President-elect Donald Trump’s crypto-friendly campaign, which promised regulatory clarity and support for blockchain technology.

Under Trump’s administration, Atkins could represent a significant departure from outgoing SEC Chair Gary Gensler’s enforcement-heavy stance, which drew criticism for stifling industry growth and innovation.

XRP surge

These comments come as Ripple (XRP) has experienced a notable surge, recently climbing to around $2.90, with speculation that it could reach $3 soon. 

This increase is driven by multiple factors, including the anticipated launch of Ripple’s RLUSD stablecoin and growing optimism about regulatory clarity in the U.S. following recent political developments. 





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