A recent social media post by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on platform X, starting with “It’s been an honor to serve,” briefly led to misunderstandings in the cryptocurrency community about his possible resignation. This phrase, often associated with departing officials, sparked immediate speculation, particularly among those critical of his enforcement-heavy regulatory style towards the crypto industry.
Despite initial excitement from some quarters over the prospect of his resignation due to his approach, Gensler quickly clarified his intentions in continued posts. “We’ve been working on making our markets more efficient, competitive, transparent, and resilient. We’ve finalized 38 rules – on Treasury clearing, corporate governance, and money market funds, to name a few,” he elaborated, adding, “And we’re not done. On our agenda: further equity market structure rules and additional cybersecurity rules, among others.”
The response to Gensler’s post was mixed, with numerous comments expressing disappointment that he was not actually resigning. Sentiments such as “This is such a tease. I thought you were quitting,” and “Was excited for a second, thought you’d resigned,” were common.
Gensler’s stance that most cryptocurrencies, except bitcoin, are securities has placed him at odds with much of the crypto community and several lawmakers. His defense of the SEC’s litigious approach was reiterated in an October session before the House Financial Services Committee, where he cited the need to tackle the significant issues of fraud and non-compliance within the industry.
Amid these tensions, legislation titled the SEC Stabilization Act, introduced by Rep. Warren Davidson, seeks to remove Gensler from his chairmanship to protect U.S. capital markets “from a tyrannical chairman.” Additionally, U.S. Senate candidate John Deaton has vocally demanded Gensler’s resignation, accusing the SEC under his tenure of neglecting or deliberately ignoring its core mission of investor protection.
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