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Highlights
- Reports suggest top lawyers from SEC's crypto division are willing to leave.
- SEC Chair Gary Gensler reportedly facing leadership crisis amid internal revolt.
- Chances of Gensler's ouster as the SEC Chair are higher if Donald Trump comes to power.
As per some insider reports, it’s a total mess at the SEC’s crypto division as many top lawyers are willing to leave amid Gary Gensler’s controversial leadership. The SEC chair has recently come under the lens recently with allegations of him trying to muzzle down some of the top crypto firms.
Senior Lawyers in SEC’s Crypto Assets Division to Leave?
Reports indicate that the U.S. Securities and Exchange Commission (SEC) is anticipating a significant departure of senior enforcement lawyers from its crypto assets and cyber unit. Sources from major law firms have revealed that several resumes have been observed, signaling a potential exodus from the regulatory agency. Fox Business journalist Charles Gaparino was the first to report this news.
SCOOP: @SECGov bracing for major exodus among senior enforcement lawyers in its crypto assets and cyber unit, according to officials at major law firms who have seen several of the resumes. @FoxBusiness is withholding names to protect privacy; the moves suggest that the bleed of…
— Charles Gasparino (@CGasparino) February 9, 2024
Gasparino said that Fox Business is withholding specific names to preserve privacy, however, the trend suggests a continued drain of senior staff under the leadership of SEC Chairman Gary Gensler. This development underscores ongoing concerns surrounding Gensler’s management style and decisions within the agency.
In a follow-up to this, fellow journalist Eleanor Terrett revealed that Fox Business reached out to the SEC for comment on the matter but has not received a response yet. Interestingly, the SEC, under the leadership of Chairman Gary Gensler, has also proposed a record budget of $2.4 billion for the agency, with plans to allocate funds for the addition of 170 staff positions, including those within its crypto/cyber unit.
Terrett’s inquiry thus underscores the growing significance of regulatory oversight in the cryptocurrency space and highlights the SEC’s efforts to bolster its capabilities in this area.
Gary Gensler Gearing Up For Second Term?
All eyes are currently on the US Presidential Election 2024 as to who will be taking the helm of affairs – Biden or Trump. If President Joe Biden were to be re-elected again this year, there’s also a greater likelihood that Gary Gensler would continue as the SEC chair for the second term up to 2026.
However, if Donald Trump emerges victorious in the upcoming elections, there might be pressure for Gary Gensler to resign from his role. This expectation aligns with the typical response observed when an SEC chairperson has an affiliation with the opposing political party. Conversely, another scenario suggests that Gensler could potentially retain his position as chairman until 2026, ultimately stepping down upon the nomination of a successor by Trump.
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