Prominent figures in the cryptocurrency world are increasing their criticism of the US Securities and Exchange Commission (SEC). Bruce Fenton, who used to work at the Bitcoin Foundation and now leads Chainstone Labs, is boldly asking for SEC Chairman Gary Gensler’s resignation. Fenton, who knows a lot about securities, expressed his concerns at the SEC headquarters in Washington DC.
Fenton wants Gensler to resign due to the SEC’s approach to regulating and suing crypto companies. Fenton’s request comes as the cryptocurrency world is getting more unsettled. In a tweet, Fenton talks about his long experience in securities and his strong commitment to removing dishonest people from the market. He says, “Securities are crucial for our economy.”
Additionally, he says, “Chair Gensler has connections with the fraudulent SBF, he focuses more on political ESG issues than following the Constitution, he poorly manages digital assets, and he is not transparent. All of these things hurt the industry and the US economy.”
Lately, things have made the frustration in the crypto community towards the SEC even worse. The SEC labeling six tokens, like Algorand, as securities in a case with Bittrex, has raised questions about the agency’s view on cryptocurrencies.
XRP Advocate Joins Bruce’s Call for SEC Chairman Gary Gensler’s Resignation
A significant XRP supporter, John E Deaton, has expressed support for Fenton’s call for Gensler’s resignation. This showcases unity among the pro-crypto community against what they see as excessive regulations. The community standing together with Fenton emphasizes how important the ongoing discussion about crypto regulations is.
SEC Hints at Reevaluation of Ripple Court Decision
Meanwhile, the recent court ruling on Ripple Labs has impacted the SEC’s regulatory efforts. US District Judge Analisa Torres’ decision confirmed that selling Ripple’s XRP on public exchanges followed federal securities rules. The SEC is doubtful about this ruling. All of this is happening as the agency aims to supervise cryptocurrency markets.
In response, the SEC has indicated its intention to contest the ruling, urging a federal appeals court to reconsider. The agency’s proposition stresses the existence of “significant grounds for divergent viewpoints” concerning jurisprudential matters related to cryptocurrency regulation.
Ripple’s Chief Legal Officer, Stuart Alderoty, has explained the situation. He mentioned that the SEC does not have the right to appeal.
In the next week, Ripple might also send a letter to the court in response. Importantly, the SEC’s appeal is mostly about disputing the losses from token sales, not arguing against the idea that XRP is considered a security.
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