As changes in the cryptocurrency landscape occur, there’s a shift in how things are developing. Recently, players in the crypto industry have been winning court battles against the current regulatory approach of the US Securities and Exchange Commission (SEC), leading to new ways of thinking. Grayscale Investments’ recent legal victory over the SEC has prompted Anthony Scaramucci, a well-known advocate for cryptocurrencies, to publicly call for the resignation of SEC Chairman Gary Gensler on the X platform.
This call for Gensler’s resignation isn’t just coming from Scaramucci. Over the past few years, many supporters of cryptocurrencies have been increasingly vocal about their desire for Gensler to step down. They feel that under his leadership, the SEC could hinder innovation in the crypto space.
Even though the regulatory crackdown on cryptocurrencies began before Gensler’s tenure, since he took office, he has strongly advocated for what many industry leaders criticize as a “regulation through enforcement” strategy.
Beyond figures within the cryptocurrency realm, some US lawmakers are also echoing the call for Gensler’s resignation. They believe that Gensler is wielding his authority as if he were an independent regulator, sidelining the role of Congress in matters related to the crypto industry.
While Scaramucci’s appeal has been vocal, lawmakers are taking more concrete steps. They’ve introduced a bill that could potentially lead to a complete reorganization of the SEC.
The tension between Gensler and supporters of cryptocurrencies is partly due to the perception of biased treatment. It’s noted that lesser-known crypto players seem to be favored, while those who are more established are overlooked.
To address these issues, one approach is for stakeholders in the industry to come together and collaboratively find a way forward that ensures compliance. The SEC could start by rectifying past mistakes, particularly regarding the contentious demand for a Bitcoin ETF product in the US.