Seriously! Gary Gensler Secretly Makes A New Strategy To Fight The Crypto Industry
JAKARTA - The hope for a policy change that is more friendly to the crypto industry is getting stronger along with the change of leadership in the United States Securities and Exchange Commission (SEC). But former SEC official John Reed Stark warned that regulatory pressure would continue.
Stark, who once led the SEC's Internet Law Enforcement Office, believes that although Gary Gensler will soon leave office as SEC Chair, the steps he has taken will ensure that supervision of the crypto sector remains intensive.
On December 5, 2024, in a post on social media platform X, Stark mentioned that Gensler is preparing the SEC to remain focused on law enforcement against crypto even though his term ends on January 20, 2025. Stark described Gensler's actions as "reverse Saturday Night Massacre". This term leads to a major decision taken to strengthen regulatory oversight of the crypto industry.
SEC Chair Gensler Pulls Off The First Reverse Saturday Night Massacre . . .
It looks like former SEC Commissioner Paul Atkins will be the next SEC Chair. A phenomenal choice.
But meanwhile, current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC… pic.twitter.com/Qx8lWEsJLb
— John Reed Stark (@JohnReedStark) December 4, 2024
SEC Chair Gensler Pulls Off The First Reverse Saturday Night Massacre.
It looks like the FORmer SEC Commissioner Paul Atkins will be the next SEC Chair. A phenonal Choice.
But meaning, current SEC Chair Gary Gensler is nervously working behind the scenes to lead the SEC... pic.twitter.com/Qx8lWEsJLb
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According to Stark, Gensler's latest effort was to promote three seasoned lawyers from the SEC's Crypto Enforcement unit to senior executive positions. Although this promotion has not been officially announced, Stark believes that the promotion is final and is designed to ensure law enforcement against crypto remains strong despite Gensler's end.
He even emphasized that this promotion was carried out in a very closed manner. According to Stark, this rarely happens within the SEC. Stark warned crypto companies to be ready to face major hurdles after Gensler leaves his post.
"Crypto companies must prepare themselves for the 'World War III' in the regulatory sector once Paul Atkins replaces Gensler, as lawyers who have just been promoted will maintain strict supervision of crypto," he said.