Crypto Village Community SEC Chairman Gary Gensler Down From His Position

Gary Gensler is required to withdraw from the SEC. (photo: doc. Change.org)

JAKARTA The crypto community has responded to unclear crypto rules from the US Securities and Exchange Commission (SEC) regarding the cryptocurrency industry. The XRP community and the crypto community in general voiced demands against Gary Gensler, who serves as the current SEC chairman.

The petition emerged after claims of corruption and market manipulation at the SEC recently. The Change.org petition has been created to oust Gary Gansler from his post.

Hingga saat ini petisi Pecat Gary Gensler sebagai Ketua SEC karena Meng Mencegah Keadilan telah ditandatangani sekitar 26,000-anara. Beberapa jam sebelumnya hanya menembus 16,000-an suara. Ini merupakan peningkatan cepat respon dari komunitas kripto. Berumar-burut mereka menyerukan pengunduran diri Gary Gensler. Permasulan ini merupakan bentuk kepercayapan komunitas terhadap regulator AS.

According to the petition, Gensler had to resign because he failed to protect regular investors from fraudulent acts carried out by the short seller Citadel Securities and the abuse of dark pools.

" SEC Chairman Gary Gensler was involved in criminal activities carried out by Citadel Securities, Citadel the Market Maker in the short sale of the clear and misuse of the dark pool," the petition wrote on Change.org.

According to a Coincu report, SEC Chair has also been accused of shorting crypto-focused companies such as AMC Theaters and GameStops through Vanguard Group, unregistered Lee LLC, and an unregistered Marital Trust.

Meanwhile, on July 27, attorney John E. Deaton revealed that Gensler's business-owned money, lagu Lee LLC and Marital Trust, was managed by Vanguard Group. The SEC chairman has a net worth of more than 100 million US dollars (approximately IDR 1.4 trillion). In this case, Vanguard is the manager of 90% of Gensler's wealth.

JUST ADDED to our Document Library:✅THE GENSLER FILES: Publicly available records detailing @GaryGensler's current wealth at over $100 million, and key public calendar entries while @SEC Chairman. (See "US Fed Personnel & Internal Docs" Tab) (1/5) 👇https://t.co/XZrRjIOmH4

— CryptoLaw (@CryptoLawUS) July 27, 2022

On the other hand, Gensler asked crypto industry players to follow the provisions of the SEC. Whereas crypto regulations are still unclear in the US. In addition, he also stated that he would engage with crypto exchanges to better protect investors. At the same time, Gensler refused to meet investors XRP, US Congress, and other financial authorities.

In addition, the SEC under Gary Gensler appears to have avoided previous decisions and official opinions. For example, in the lawsuit against Ripple, the SEC failed to provide a draft of Hinman's 2018 speech despite a court order.

The SEC as a US regulator is currently in the public spotlight. SEC officials are also suspected of having ties to Ethereum Enterprise Alliance, a company affiliated with Ethereum. In 2018, William Hinman issued a controversial statement stating that XRP was securities, while Bitcoin and Ethereum were not securities.

Ripple Labs' efforts to go public several years ago were tackled by the SEC. Regulators brought Ripple Labs to court on charges of selling unregistered securities. On the other hand, Ripple insists that XRP is not a security. Likewise for other countries except in the US.