Gary Gensler claimed that he only followed the footsteps of former SEC chairmen, and the lawsuit against Ripple was already initiated by past leadership.
Gary Gensler, the current SEC chairman, assumed his role in 2021. Since then, he has aggressively enforced actions against multiple crypto companies over alleged unregistered securities offerings.
Recently, Gensler released an official statement clarifying his stance on crypto regulation. He stated that his approach followed the SEC’s historical practices, emphasizing that there were already 80 enforcement actions against crypto companies, including the lawsuit filed against San Francisco-based blockchain firm Ripple.
Ripple’s Chief Legal Officer Stuart Alderoty responded, accusing Gensler of cleverly trying to defend himself against allegations of stifling the crypto industry through enforcement-focused regulation.
Gary Gensler attempting to justify his four-year-long political crusade to destroy crypto by claiming he just continued what Jay Clayton started is like burning down the house and saying, ‘Jay lit the match—I just added the gasoline.’ pic.twitter.com/I1XFxC1fsa
— Stuart Alderoty (@s_alderoty) November 16, 2024
Earlier, it was reported that Gensler indirectly hinted at his resignation from the SEC chair role before potentially being removed by the incoming Trump administration.
https://t.co/8QQ2IygBbs#Crypto Hater #SEC Chair Gary #Gensler Indirectly Confirms His Resignation
— Bitcoinik (@Bitcoinikdotcom) November 15, 2024
Fox Business reporter Eleanor Terrett shared insider information, stating that Gensler is expected to resign after Thanksgiving, ahead of Trump’s January inauguration.
🚨While @realDonaldTrump’s pick for @SECGov chair remains unknown, it looks increasingly likely that @GaryGensler will step down voluntarily and choose not to finish his term as commissioner (which would expire in 2026) as some had speculated he may have done, @FoxBusiness has…
— Eleanor Terrett (@EleanorTerrett) November 15, 2024
However, Trump’s choice for the next SEC chair remains uncertain. Speculation suggests that Trump’s administration might consider appointing either Hester Peirce, aka “Crypto Mom,” a pro-crypto SEC commissioner critical of heavy enforcement, or Chris Giancarlo, aka “Crypto Dad,” the former CFTC chairman known for his support of blockchain and cryptocurrencies.
https://t.co/HeQX3cfuI9Hester Peirce, “Crypto Mom,” May Replace Crypto Critic #SEC chair #GaryGensler: Report
— Bitcoinik (@Bitcoinikdotcom) November 5, 2024
Bitcoin price action The current trade price of Bitcoin is $90,829, reflecting a 34% increase over the last 30 days. Bullish sentiments continue strongly, driven by the former US president Donald Trump’s victory in the presidential election.
The current trade price of #Bitcoin is $90,783 pic.twitter.com/rzGxqGwr16
— Bitcoinik (@Bitcoinikdotcom) November 17, 2024
Read also: Donald Trump hires Cardano founder’s closest friend Robert F. Kennedy Jr for US Health and Human Services (HHS)
