The Securities and Exchange Commission (SEC) chairman, Gary Gensler, has come under fire for his crypto position and regulatory procedures and for aggressively establishing control over cryptocurrencies by designating them as securities and violating earlier SEC judgments.
Following recent claims of corruption and market manipulation, a petition on Change.org has been created requesting that SEC Chair Gary Gensler be removed from his position.
At the time of publication, the petition ‘Fire Gary Gensler as SEC Chairman for obstruction of justice’ has received over 16,000 votes.
According to the petition, Gensler should resign because he failed to protect regular investors from fraud perpetrated by Citadel Securities‘ short selling and dark pool misuse.
“SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool abuse.”
The SEC chair has also been accused of shorting crypto-focused companies such as AMC Theatres (NYSE: AMC) and GameStop (NYSE: GME) via Vanguard Group, Annabel Lee LLC, and an unregistered Marital Trust.
Meanwhile, on July 27, attorney John E. Deaton disclosed that money belonging to Gensler’s businesses Annabel Lee LLC and a Marital Trust, are managed by Vanguard Group. The Chair of the SEC has a net worth of more than $100 million, of which Vanguard manages 90% of the assets.
Furthermore, Gensler requested crypto exchanges to agree with him, stating that he would engage with crypto exchanges to protect investors better. Simultaneously, the Chairman has refused to contact XRP investors, the US Congress, and other financial authorities.
In addition, the SEC under Gary Gensler seems to shun prior rulings and official opinions. For example, in the lawsuit against Ripple, the SEC fails to provide drafts of Hinman’s 2018 speech despite a court order.
According to Ripple CEO Brad Garlinghouse, the SEC is banking on the fact that most crypto-related businesses lack the financial capacity to initiate a legal challenge against the agency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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