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SEC Chair Gary Gensler has been criticized for his anti-crypto approach and regulatory policies, forcibly claiming jurisdiction over crypto by considering them as securities, and avoiding historical SEC decisions. Also, allegations of involvement with Vanguard and BlackRock, Citadel, and others.
Petition Against Gary Gensler to Step Down as SEC Chair
A petition against SEC Chair Gary Gensler on Change.org has gained massive attention after recent allegations of corruption and market manipulations.
According to the petition, SEC Chairman Gary Gensler needs to step down due to his failure to protect retail investors from fraud due to naked short selling and dark pool abuse by Citadel Securities, Citadel the Market Maker. Meanwhile, Citadel remains operational despite manipulating the stock market.
Gary Gensler is also accused of shorting crypto-focused stocks such as AMC Theatres and GameStop through Vanguard Group and BlackRock. Recently, lawyer John E. Deaton revealed that Vanguard Group manages funds for Gensler for his firms Annabel Lee LLC and a Marital Trust. SEC Chair has over $100 million in wealth, 90% of which is managed by Vanguard.
Deaton also said Gensler wants to claim jurisdiction over crypto as he continues to categorize crypto tokens as securities. Moreover, he urged crypto exchanges to agree with him by claiming to work with crypto exchanges to better protect investors.
Gary Gensler has continuously refused to talk with XRP investors, the U.S. Congress, and other financial regulators. Moreover, the SEC under Gary Gensler seems to avoid historical decisions and views of SEC officials. For instance, in the case against Ripple, the SEC neglects to reveal drafts of Hinman’s 2018 speech despite the court order.
Most of the recent votes on the petition are from the crypto community for Gensler’s anti-crypto stance regarding the crypto community. Until now, the petition has received almost 16,000 votes, becoming a top signed petition on Change.org.
SEC Chair Attacks Crypto and Exchanges
SEC Chair Gary Gensler believes crypto should be regulated by the SEC, not the CFTC. As the SEC lawsuit against Ripple seems in favor of XRP investors and Ripple, the SEC has attacked crypto exchange Coinbase for listing unregistered securities. Also, categorized 9 tokens as securities, some of them recently listed by Coinbase.
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