Gary Gensler should be sacked----Warren Davidson

[Liliana1304]

With recents upsets to crypto exchanges, Coinbase and Binance, by the Securities and Exchange Commission (SEC) it looks as of they are more invested in going after exchanges who they feel are not meeting or following their criteria for operation. With such a development, there are individuals who feel the SEC are slowly losing sight of what they stand for and this was further proven after the SEC served Coinbase a Wells notice that could not be clarified.

US congressman, Warren Davidson, has introduced a bill that would see the SEC being restructured and it's chairman, Gary Gensler being removed and citing concerns over his seemingly tyrannical rulership, stating his intentions to protect the crypto market from heavy regulatory actions. He further outlined seven failures of the SEC chairman, which led him to him believe Gary is incapable of remaining in that position.

1- he averages more than two rules proposals a month
2- he provides inappropriately short comment periods
3- he has unfavorable and unlawful ESG disclosure mandates on the market.
4. He operates a "check-in and never leave" rule for crypto
5- he has endless discoveries with no clarity and resolution
6- he has unworkable proposals for overhauling equity market structure
7- a high staff turnover rate and unhappy individuals leaving office.
Gary's failures as SEC chairman
These are valid factors to oust someone from his position but will it be passed into law? Others feel that with the risks associated with crytocurrencies, the strident measures taken by Gary Gensler is necessary. What are your thoughts?

https://en.cryptonomist.ch/2023/06/13/crypto-secs-gary-gensler-fired/

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[franky1]

genslers motives are the same as historic SEC motives

the SEC was set up where its a self-regulator for banking. where the first ever chairman was a stock/commodity investor (kennedy)
so the SEC is a self regulator under the guise of pretending to be a political controlled regulator

its a criminal with a gold sherrifs badge they moulded for themselves, so they can tweak the laws to suit themselves

..
gensler is setting up barriers of entry for small/mid businesses
the 'protect the demands of customers' translates to: only allow customers(citizens) flow through large institutions
take the matter of him trying to "repatriate US funds" from binance. i wonder which US custodian he wanted to hold the reserves and serve customers

same as the "make crypto US friendly" meaning the SEC is friendly if your an american institution wanting to use crypto. but utter hate to international businesses not wanting to HQ in the US but want to serve US customers

when you realise what the SEC is actually for. you then learn that its doing its job..
its not for consumer protection. its for barrier of entry to stop open/free markets. they want to limit the markets. its about controlled centralisation. with a thin vail of appearing as open and free

what needs to be done is CHANGE THE SEC mandate. change their policy
EG make their policy be more about "consumer protection" as their mandate. where the regulations then offshoot from that top point. EG yes audit custodians to ensure reserves exist, protected and insured so there can be no fractional reserve "bank run" risk

[KiaKia]

It could happen, many people want Gensler gone for good, because he is missing his power but is he the only one to be blamed? Who put him in this post right from the beginning? If any crypto company is doing something wrong, the SEC should proceed with normal process, not the type that will be use to manipulate the market, I don't know which side to take, because some crypto exchanges are corrupt and they are good at covering things up, FTX sucks at this, that's why they are caught, at the same time, not even Gensler is clean.

[Majestic-milf]

 He needs to be fired ASAP. The dude's just a self serving prick who enjoys breathing down the necks of crypto exchanges and leaving little room for improvement and creativity but going behind to cheer for cryptocurrency Algorand (ALGO) tells a lot about his character because for someone who is highly critical of cryptocurrencies, going ahead to support one only shows how inconsistent he is.
 Well, if Warren wants to have Gary sacked in abid to purge the SEC, I think he'd need to rearrange their mentality because there's no telling if the next chairman wouldn't be worse if his bill manages to meet approval.

[NotATether]

He needs to be fired ASAP. The dude's just a self serving prick who enjoys breathing down the necks of crypto exchanges and leaving little room for improvement and creativity but going behind to cheer for cryptocurrency Algorand (ALGO) tells a lot about his character because for someone who is highly critical of cryptocurrencies, going ahead to support one only shows how inconsistent he is.
 Well, if Warren wants to have Gary sacked in abid to purge the SEC, I think he'd need to rearrange their mentality because there's no telling if the next chairman wouldn't be worse if his bill manages to meet approval.

That isn't going to happen anytime soon... the US government is slow to act on anything, and it will take more people than the one lawmaker if they are to remove Gary Gensler to public pressure.

Besides, even if he is removed, there is a chance that he'll get replaced by some former Blackrock or fidelity or US Bank guy and not exactly someone who is friendly to crypto companies, but rather to traditional institutions that want to eat crypto profits.

Imagine if these corps are the ones who end up being the majority ETH stakers for example.

[retreat]

Removing Gary Gensler from his current position was the best decision congress could make. Not only was he quite aggressive towards the crypto market, but he made the SEC like his own department and took arbitrary actions against companies that did not comply with their regulations.
But also Republicans can't be trusted, you know it's all about interest, they could possibly remove Gary Gensler, but we can't be sure that his successor will be any better than him. Neither of them can be trusted, so let's just see how this drama will play out.

[bittraffic]

Gensler served his purpose though and everything seem to have been going right as planned by the government and the institutions. Now that he had done his job right I guess he is not needed anymore after all Blackrock has arrived. And the EDX is coming for the crypto users, an exchange that is backed by Schwab, Fidelity, and Citadel.

He could be removed but the damage is done. Once he is removed he will be out of the scene anymore and he could hide all his life.

[Liliana1304]

That isn't going to happen anytime soon... the US government is slow to act on anything, and it will take more people than the one lawmaker if they are to remove Gary Gensler to public pressure.

You make a valid point here. While it's everyone who's interested in crypto's desire to see Gary Gensler sacked, Republicans think it's impossible to fire him but could make his life difficult. And I'm here wondering how that's gonna help the situation? I guess Warren will have to drop this notion of removing Gensler because even though the bill has republican support, for it to get approved, it will have to pass through the democrat dominated senate and such chances for a positive response is highly unlikely.

[adaseb]

He should be sacked because of his conflict of interest of how he wanted to work for Binance and got rejected. And now he is basically again crypto most likely because he was never hired a few years back.

For this reason along he should be removed and should of been fired years ago and all these crypto SEC lawsuits need to be dropped because they are unfair. However this most likely won’t happen and if it does it will take years before he is replaced.

[Darker45]

I remember when Gensler was still a candidate for the position of SEC chairman; everybody was excited. Crypto supporters were all praises for Gensler for being open-minded and a crypto supporter himself. Heart were broken later on.

But I wonder, is it normal for a congressman to file a bill and propose that a chairman of an independent government agency be kicked out? Reading the 7 grounds posted in the OP, it seems they aren't strong enough.

If we compare these allegations to Gensler's seemingly solid background, it seems Gensler would stay. So far, Gensler continues to enjoy the trust and confidence of the president.

[bettercrypto]

He needs to be fired ASAP. The dude's just a self serving prick who enjoys breathing down the necks of crypto exchanges and leaving little room for improvement and creativity but going behind to cheer for cryptocurrency Algorand (ALGO) tells a lot about his character because for someone who is highly critical of cryptocurrencies, going ahead to support one only shows how inconsistent he is.
 Well, if Warren wants to have Gary sacked in abid to purge the SEC, I think he'd need to rearrange their mentality because there's no telling if the next chairman wouldn't be worse if his bill manages to meet approval.

It seems that this is the lawmaker who asked Gengsler that the question to him was whether Ethereum is a security and then he couldn't answer the question directly, instead he gave a lot of roundabout answers. Please correct me if my understanding is wrong.

Gengsler is really irritating what he has done recently in relation to the cryptocurrency or Bitcoin company and there are many who have seized bank companies because of what he has done to be honest. So for me, he should be removed from his position in the SEC so that he can be abused in his position to be frank.

[ZAINmalik75]

These are valid factors to oust someone from his position but will it be passed into law? Others feel that with the risks associated with crytocurrencies, the strident measures taken by Gary Gensler is necessary. What are your thoughts?

i am not a person of law because i do not have any knowledge about US law, but in my general opinion, this case is old, like it is after when Gary sued Binance and Coinbase, and at that time i didn't get to read the factors, i think Gary is also not suitable for the job but he has positive views about BTC so i am also satisfied with him too.

The case was opened back in time and maybe these points are also of that time. so as for now things have changed as you must know the adoption of BTC is being streamlined by the US because they intend to bring their own crypto exchange and many companies also applied for BTC ETFS like BlockRock company. Which really showed us the interest among Us officials. One thing I do agree that these good things started after the case was opened by Davidson. i think his case might have some impact too.

[jacafbiz]

I have a feeling the guy is doing the bidden of some powerful people so it will be difficult to fire him because he aligns with their interests, the guy is very corrupt, this is the same guy romancing SBF for a long time until SBF was exposed, if he fails to smell something wrong with FTX for that long and now he is coming after CoinBase that is a registered exchange in America and listed on Stock exchange what an Irony. I think he will be there until there is a change of power at the top

[Smartprofit]

Removing Gary Gensler from his current position was the best decision congress could make. Not only was he quite aggressive towards the crypto market, but he made the SEC like his own department and took arbitrary actions against companies that did not comply with their regulations.
But also Republicans can't be trusted, you know it's all about interest, they could possibly remove Gary Gensler, but we can't be sure that his successor will be any better than him. Neither of them can be trusted, so let's just see how this drama will play out.

I think that Gary Gensler should be fired as head of the SEC. 

This position should be filled by someone who has an open mind about the cryptocurrency industry.  A person who realizes that cryptocurrencies are a modern innovative technology.  As for Gary Gensler, he is a strong supporter of centralized central bank digital currencies (CBDCs). 

Therefore, he has a negative attitude towards all cryptocurrencies, in particular, towards bitcoin.

[tabas]

He should be sacked because of his conflict of interest of how he wanted to work for Binance and got rejected. And now he is basically again crypto most likely because he was never hired a few years back.

Right, he applied there and got declined so there could probably be the interest that he wants to take a revenge which could be a common thing for him wherein he's in the position to stomp Binance and other exchanges that he can touch and put sanction or harder compliance.

I remember when Gensler was still a candidate for the position of SEC chairman; everybody was excited. Crypto supporters were all praises for Gensler for being open-minded and a crypto supporter himself. Heart were broken later on.

He turned the other way and got into some actions that's likely for his personal gains and just as what everyone is cheering for him, now we can see that everyone is cheering for him still but in the opposite way that he should be out of the position as soon as possible.

[Husires]

When I was in school, we had a section called What the listeners want. We were looking for news that the students wanted to hear, and when we didn't find it, we told imaginary stories that the users wanted to hear. This is the same thing that bitcoin news site are trying to tell you. They are looking for news that people like to click on and watch. It is not real or effective on bitcoin.

Cryptocurrencies are still in the process of growth and cannot move the congressional committee to pass a law or change laws, and their popularity is not that growth that makes politicians think carefully before changing their laws, and it is likely that the member of the US Congress, Warn Davidson, has relations with some of these exchanges.

[Liliana1304]

I have a feeling the guy is doing the bidden of some powerful people so it will be difficult to fire him because he aligns with their interests, the guy is very corrupt, this is the same guy romancing SBF for a long time until SBF was exposed, if he fails to smell something wrong with FTX for that long and now he is coming after CoinBase that is a registered exchange in America and listed on Stock exchange what an Irony. I think he will be there until there is a change of power at the top

I feel the same way too especially as he goes about opposing crypto exchanges who he feels are standing in his of purging the US of cryptocurrencies. I am not surprised that it will be difficult to have him sacked since he has the ears of the US president and other top democrats and even Warren confirmed how hard it would be.

At the end of the day, it's just politics going on. Maybe when these powerful top shots tire of him, he could be discarded. But for now, Gary Gensler seems to be going nowhere.

[bussybuddy]

He's anti-crypto and his market-shaking statements make people look at him unfriendly, personally I also feel that some of the news released is one-sided and not really fair, it's like navigating to price to do some shady conspiracy. I also don't like the way Gary Gensler treats the crypto market, but that doesn't mean I want to judge his behavior, it's fair to say that different financial markets will have such people, there are There will be supporters and there will be opponents of it, through different stages we will again see the people who make this market move. Just like how Elon Musk used to affect this market, and the story after that, there will be fans and also boycotts.

[Ayers]

I have a feeling the guy is doing the bidden of some powerful people so it will be difficult to fire him because he aligns with their interests, the guy is very corrupt, this is the same guy romancing SBF for a long time until SBF was exposed, if he fails to smell something wrong with FTX for that long and now he is coming after CoinBase that is a registered exchange in America and listed on Stock exchange what an Irony. I think he will be there until there is a change of power at the top

I feel the same way too especially as he goes about opposing crypto exchanges who he feels are standing in his of purging the US of cryptocurrencies. I am not surprised that it will be difficult to have him sacked since he has the ears of the US president and other top democrats and even Warren confirmed how hard it would be.

At the end of the day, it's just politics going on. Maybe when these powerful top shots tire of him, he could be discarded. But for now, Gary Gensler seems to be going nowhere.

Even if Gary Gensler is fired and replaced, there's no guarantee the new SEC chairman will be more crypto-friendly. You're both right, all that's going on is politics, and there are always bigger forces controlling things behind the scenes. Don't forget that the SEC is not independent and cannot cover the sky alone, so it doesn't matter who runs the SEC. Whether the SEC or the CFTC is cracking down on the crypto market, it's all at the behest of the US government, who is trying to fight crypto like many other governments.

[el kaka22]

It's quite good to see the politicians on our side for the first time ever probably. Normally we do not see them around us all that much and this time around we have a common enemy and that's a good thing. I don't care what the main reason is for them to fire him, the fact that we do not want him and he is hurting binance along with congress and even some senators from what I can see do not want him as well is enough.

We may have different reasons, but the result is the same; Gary Gensler being fired. As long as that happens I think it is going to be fine and we are all going to be fine about it as well. Too many people are acting as if there is nothing wrong with this situation but the reality is that we are going to end up with a much better situation for sure.