Crypto Community Demands SEC Gary Gensler’s Resignation Amid Regulatory Dispute

Leading figures in the cryptocurrency industry have intensified their criticism of the US Securities and Exchange Commission (SEC). And Chainstone Labs CEO Bruce Fenton takes a bold step by calling for the resignation of SEC Chairman Gary Gensler. Fenton, a former executive of the Bitcoin Foundation, visited the SEC headquarters in Washington DC to voice his concerns.

Bruce Calls For Gensler’s Resignation

In light of the SEC’s regulatory strategy and litigation proceedings against crypto businesses and platforms, Fenton’s request for Gensler to go comes amid growing disquiet within the cryptocurrency industry. In a tweet, Fenton emphasized his long experience in the securities industry and his dedication to removing dishonest players from the market by asserting that “Securities are the lifeblood of the economy.”

He further said, “Chair Gensler’s oversight and ties with fraudster SBF, his placing of woke partisan ESG politics and personal cabinet ambitions above the Constitution, his capricious and ham-handed handling of the digital assets space and his lack of transparency harm the industry and harm the American economy.”

Recent events have added gasoline to the frustrations within the crypto community with the SEC’s efforts. Six tokens, including Algorand, were categorized by the SEC as securities in a case against Bittrex, raising questions about the agency’s position on cryptocurrencies.

Notably, XRP lawyer John E Deaton voiced his support for Fenton’s call for Gensler’s resignation, reflecting a united front within the pro-crypto community against perceived regulatory overreach. The community’s support for Fenton’s action underscores the significance of the ongoing debate surrounding crypto regulations.

Also Read: XRP Lawsuit: Ripple Response To US SEC Appeal Filing Next Week

SEC Signals Review Of Ripple Court Verdict

Meanwhile, the recent court ruling concerning Ripple Labs put paid to the SEC’s regulatory efforts. The U.S. District Judge Analisa Torres decision that the sale of Ripple’s XRP digital token on public exchanges complied with federal securities rules was called into question by the SEC.  It all comes with the agency’s plans to regulate cryptocurrency marketplaces.

In response, the SEC has indicated that it will challenge the ruling and ask a federal appeals court to reconsider it. The proposal from the agency emphasizes that there are “substantial grounds for differences of opinion” on jurisprudential issues about cryptocurrency regulation.

Ripple’s Chief Legal Officer, Stuart Alderoty, provided clarification on this. According to him, the agency merely needs the court’s approval to submit an appeal. Next week, Ripple too might submit a letter to the court in response. It’s important to note that the US SEC is appealing its losses from the programmatic and individual sales of the token rather than the conclusion that XRP is a security.

Also Read: Ethereum Top 10 Addresses Accumulating Heavily, Will It Help ETH Price to Rally?