Over 16,000 individuals sign a petition to remove the SEC chairman
Gary Gensler, the head of the Securities and Exchange Commission (SEC), has been criticised for his crypto position and regulatory procedures and for establishing aggressive control over cryptocurrencies by designating them as securities and ignoring previous SEC rulings.
In response to recent corruption and market manipulation charges, a Change.org petition requesting the removal of SEC Chair Gary Gensler has gathered substantial attention.
The petition “Fire Gary Gensler as SEC Chairman for contempt of court” has gathered over 16,000 votes at the time of publishing.
The petition asserts that Gensler should resign because he failed to protect regular investors from fraud perpetrated by Citadel Securities’ short selling and dark pool abuse.
“SEC Chairman Gary Gensler is engaged in illegal conduct committed by Citadel Securities, Citadel the Market Maker, and Citadel the Market Maker in naked short selling and dark pool misuse,”
Meanwhile, on July 27, attorney John E. Deaton reported that Vanguard Group manages the funds belonging to Gensler’s enterprises Annabel Lee LLC and a Marital Trust. Vanguard oversees ninety percent of the assets of the SEC Chair, whose net worth exceeds $100 million.
Deaton also said that Gensler seeks to establish control over crypto as he continues to designate bitcoin tokens as securities.
Moreover, Gensler urged crypto exchanges to cooperate by stating that he would engage with crypto exchanges to better protect investors. In addition, the Chairman has refused to contact XRP investors, the United States Congress, and other financial authorities.
In addition, under Gary Gensler, the SEC seems to disregard previous judgements and official views. For instance, despite a court order, the SEC failed to deliver draughts of Hinman’s 2018 address in the litigation against Ripple.
According to the CEO of Ripple, Brad Garlinghouse, the SEC is banking on the fact that most crypto-related businesses lack the financial capacity to mount a legal challenge against the agency.