SEC Chair Gary Gensler On His Way Out?

Securities and Exchange Commission Chairman Gary Gensler may be on his way out after the 2024 elections.

Sources who spoke to Fox Business claim that an internal shakeup at the SEC threatens to see Gensler and his deeply unpopular anti-crypto policies ousted from the regulatory agency.

Additionally, Gensler is facing mounting pressure from lawmakers, most notably those within the GOP, to resign or face termination from his position as the Chairman of the Securities and Exchange Commission.

The agency is facing internal and external criticism for its handling of several high-profile crypto cases including the Debt Box and Ripple cases.

Fox Business journalist Charles Gasparino had the scoop: “[The SEC] 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. Fox Business is withholding names to protect privacy; the moves suggest that the bleeding of senior staff under Gary Gensler’s controversial leadership of the agency isn’t letting up.”

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

Brad Garlinghouse Fired A Shot That Will Be Heard Around The World 🚨

"If The SEC & Gary Gensler Wasn't Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried Maybe We Could've Avoided Some Of The Fraud That Occurred In The Crypto Space" pic.twitter.com/vJIRfBixUZ

— The Bearable Bull (@thebearablebull) November 9, 2023

JUST IN – 🇺🇸 US Congressman tells SEC Chair Gary Gensler his bill would fire him and restructure the SEC.

"I wish the Biden administration would say you're fired. Congress hopefully will" pic.twitter.com/6H5h9xlqNh

— Bitcoin Magazine (@BitcoinMagazine) September 27, 2023

Daily Coin explained:

Further complicating the situation is the upcoming US presidential election. If President Joe Biden wins re-election, Gensler’s position as SEC chair remains secure until 2026. Conversely, a Donald Trump victory could trigger calls for his resignation or continued service until a successor is appointed.

Fox News crypto reporter Eleanor Terrett added: “Adding to this. We reached out to [the] SEC and one of the senior officials at the Crypto Assets and Cyber Unit for comment and have not yet heard back. Gary Gensler requested a record $2.4 billion budget for the agency this year, in part to add an additional 170 staff positions, including in its crypto/cyber unit.”

Adding to this. We reached out to @SECGov and one of the senior officials at the Crypto Assets and Cyber Unit for comment and have not yet heard back. @GaryGensler requested a record $2.4 billion budget for the agency this year, in part to add an additional 170 staff positions,… https://t.co/WH48kKT4n2

— Eleanor Terrett (@EleanorTerrett) February 10, 2024

Crypto Intelligence featured this related report:

In a missive dated February 7 addressed to SEC Chair Gary Gensler, six Republican senators articulated their “significant concerns” regarding the commission’s conduct in the Debt Box affair, contending that the regulator behaved in an “unethical and unprofessional manner.”

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