The United States Securities and Exchange Commission (SEC) has come under increased scrutiny from key players in the cryptocurrency industry as the discussion over legislation governing cryptocurrencies in the country heats up.
These worries reached a boiling point recently when Bruce Fenton, the CEO of Chainstone Labs and a former executive of the Bitcoin Foundation, addressed the SEC directly with his discontent.
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I went to the SEC’s headquarters in Washington, DC, today to demand Gary Gensler’s resignation as chairman.
The financial sector is the engine of the economy. I’ve worked in the securities industry my entire life. It is really essential to me and the people of America… pic.twitter.com/6HqKSS23xt
August 9, 2023 — Bruce Fenton (@brucefenton)
Fenton’s Complaints and The SEC’s Approach to Regulation
In a move that highlights the escalating hostilities, Fenton went to the SEC’s Washington, DC, headquarters and publicly demanded that Gary Gensler, the organization’s chairman, step down. Evidently, the digital asset sector, which has always had a tense relationship with regulatory organizations, views some of Gensler’s efforts as being harmful to its development and legitimacy.
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Additionally, Bruce Fenton’s visit to the SEC was not a quiet one. Fenton gave specifics of his justifications on X (Twitter), writing, “Today I went to SEC headquarters in Washington DC to call for the resignation of Chairman Gary Gensler.” He stressed his lifelong commitment to the sector by saying that securities are essential to the economy.
Fenton emphasized:
Chair Gensler’s oversight and ties with fraudster SBF, his placing of woke partisan ESG politics and personal cabinet ambitions above the Constitution, his capricious handling of the digital assets space, and his lack of transparency harm the industry and harm the American economy.
It is worth noting that these calls for Gensler’s resignation come amid broader concerns within the cryptocurrency industry related to the SEC’s strategies as recent regulatory actions have not sat well with various stakeholders.
For example, the SEC recently categorized six tokens, including Algorand, as securities in a case against Bittrex, which has been a significant point of contention, raising questions about the SEC’s overall stance on cryptocurrencies.
Community Concerns Resonate
There are other people that are dissatisfied besides only Fenton. A common emotion is evident from the response of the neighborhood to Fenton’s call to action.
Fenton’s position was supported by John E. Deaton, an attorney connected to XRP, underscoring a united front within the pro-crypto community against what they view as governmental abuses.
Notably, John recently pointed out that the regulatory body’s strategy for crypto regulation appears to support corporate capitalism rather than promote investor protection.
We don’t live in a truly capitalist society, I’ve said for years. In the US, we have corporate capitalism. Examine the rules for accredited investors to see how they stigmatize the working class. Consider the assault against cryptocurrency and the assault on Coinbase, which permits non-accredited… https://t.co/JVis3xw30f
29 July 2023 John E Deaton (@JohnEDeaton1)
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