Gary Gensler, SEC Chairman Under Investigation: Will Cryptocurrencies Rise?
According to a recent investigation, the era of Gary Gensler, SEC Chairman, may be short-lived. It is alleged that the chief regulator is politically motivated when hiring staff.
Under Gensler, many #cryptocurrency companies faced serious legal harassment.
Gary Gensler, chairman of the U. S. Securities and Exchange Commission (SEC), is under scrutiny in Washington. He has been criticized for allegedly appointing government officials based on their political connections, which is seen as a violation of federal rules. It remains to be seen how this news will affect the cryptocurrency market.
earlier today, the House Committee on Justice, Financial Services and Oversight sent a joint letter to the agency. The context of the letter was related to the appointment of Dr. Haoxiang Zhu as the SEC's director of trading markets.
Based on emails released during the Sec rule debate, it was alleged that Dr. Zhu indicated his political direction to Gary Gensler prior to adoption.
the situation prompted lawmakers Jim Jordan, James Comer and Patrick McGenry to investigate. Virtu Financial CEO Doug Cifu criticized Gensler's motives and called them political rather than market-driven. The emails now serve as further evidence against regulators.
the email also asked Gensler to provide records and correspondence regarding the hiring of directors and assistant directors. We were also asked to provide records of employees in the office of the Chairman after 2021/4 and material that took into account political preferences in hiring.
SEC was given until 2024-9-24 to comply with this request.
The investigation comes at a time when Gary Gensler's position is threatened by a possible change in government.
Trump promised to fire Gensler and appoint a new SEC chairman who will champion future innovation.
the CEO of #Ripple Labs Inc.
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