SEC Chairman Gary Gensler Asked to Resign Before Being Fired

Bittime - Head of the SEC Gary Gensler appeared in the US Congress to testify in a hearing held by the House Financial Services Committee. 

The hearing, entitled "Oversight of the SEC," became a highlight because it called for Gensler to resign before being fired. Why? Read this article to find out!

Criticism of SEC Chairman Gary Gensler

A number of figures in the crypto industry, including NFT collectors, crypto researchers, and famous YouTubers, have publicly criticized SEC chairman Gary Gensler. Medic Matt, an NFT collector, stated that Gensler's appearance in Congress could be an opportunity to resign. 

This reflects the desire of much of the community for Gensler to step down from office. They feel that the SEC under Gensler's leadership has failed to handle the crypto sector properly.

A crypto researcher, Anderson, also commented on Gensler's presence at this trial. Anderson predicted that Gensler likely would not answer questions asked by members of Congress.  

Read Also: SEC Rejects 19b-4 Application for Solana ETF Proposed by 21Shares and VanEck

SEC Chairman Gary Gensler Policy Controversy

While serving as chairman SEC, Gary Gensler often sparks debate regarding his tough policies towards crypto regulation. In fact, Gensler's policy is to protect investors and avoid financial scandals that often occur in the crypto industry. 

However, many feel that the policies implemented by the SEC are too onerous and limit innovation. A number of parties consider the SEC policy under Gensler's leadership to be too strict and detrimental to innovation in the crypto industry. 

In fact, SEC chairman Gary Gensler has often been portrayed as hostile to crypto for insisting that many crypto tokens should be considered securities and subject to SEC regulations.  

SEC Chairman Gary Gensler's Resignation Narrative

Leon Gaban, a crypto investor and developer, has publicly called for SEC chairman Gary Gensler to resign before he is fired. 

Gaban even believes that the SEC should be disbanded, and considers the SEC to be an obstacle to the progress of the crypto industry.

In fact, Donald Trump, who is now running for president again from the Republican Party, said that he would fire Gensler on his first day in office if elected.

This call strengthens the narrative that Gensler has not only lost support from the crypto community, but also from a number of politicians, especially those from the Republican Party.

Read Also: SEC Opposes FTX's Plan to Pay Creditors with Stablecoins   

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