Gary Gensler the most controversial and manipulative chair, well we are not saying it’s the public opinion on him. One thing is clear you cannot ignore his presence and hawkish crypto approach. But to the surprise let’s find out why he froze on the XRP lawsuit the first-ever case where the SEC got the max beating and it’s going on.
Gensler’s Freeze on XRP Question’s Raises Another Controversy
SEC Chair Gary Gensler faced immense criticism on crypto regulations and a series of questions. In a recent interview, Gensler initially laid his focus on his cautious stance on crypto, asserting that the industry often operates outside legal bounds. However, when pressed about recent court losses involving Ripple and Grayscale, Gensler’s response was met with an awkward silence, indicating recognition of these setbacks.
The recent Grayscale lawsuit ruling, allowing the conversion of Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, could expedite decisions on similar applications from industry giants like Blackrock, Fidelity, and Bitwise. Gensler had previously mentioned the SEC’s pending decision on the Grayscale court order during a Congressional hearing. Next up is, if Gensler loses the Motion in October to CoinBase, his days at the SEC are over. This Coinbase motion is becoming a pivotable point in crypto modern history.
Gensler’s Role is Detrimental
Regarding the Ripple lawsuit, Gensler clarified that such decisions are joint efforts by the Commission, which is a low down on his anti-crypto stance. In a Congressional hearing, he stresses that decisions on spot Bitcoin ETFs would involve input from all SEC Commissioners. On the flip side, this signifies a shift towards a more collaborative approach in addressing crypto-related complex legal matters. Is it an attempt to reject the pending ETF applications? Gary’s role is creating FUD in the market with investors getting panicked and causing a situation of future liquidation.
Crypto Reaction On Gensler’s Crypto Stance
Representative Bill Huizenga tweeted on Sep 12 that he is unhappy with Gary Gensler’s stance on cryptocurrency. He believes Gensler is making too many rules (60 in 27 months) to transform capital markets, claiming it’s under the pretext of consumer protection. Huizenga thinks the SEC, led by Gensler, is trying to exert excessive control over people’s lives.
Scottmelker compared his role with Joe Biden and other dignitaries whose sole aim is to crush crypto.