SEC Chair Gary Gensler On His Way Out?

February 11, 2024 10:17 am Comments

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.”

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.”

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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