As the controversy surrounding cryptocurrency regulations intensified in the United States, the US Securities and Exchange Commission (SEC) found itself under the tight scrutiny of prominent figures in the cryptocurrency industry.
These concerns came to a head recently when Bruce Fenton, CEO of Chainstone Labs and former CEO of the Bitcoin Foundation, said: He expressed His displeasure directly into the heart of the Securities and Exchange Commission.
Today I went to SEC headquarters in Washington, D.C. to call for Chairman Gary Gensler’s resignation.
Securities are the lifeblood of the economy. Stocks are my field and have been my whole life. It’s very important to me and it’s crucial to the American people… pic.twitter.com/6HqKSS23xt
– Bruce Fenton (@brucefenton) August 9, 2023
Fenton’s Complaints and the SEC’s Regulatory Position
In a move that underscored the growing tensions, Fenton visited the SEC’s headquarters in Washington, D.C., and publicly called for the resignation of its chairman, Gary Gensler. Apparently, the digital assets space, which has long cultivated a tentative relationship with regulators, sees some of the actions under Gensler’s leadership as detrimental to its growth and legitimacy.
Bruce Fenton’s visit to the Securities and Exchange Commission was not an easy affair either. Taking to X (Twitter), Fenton detailed his reasons, saying, “Today I went to SEC headquarters in Washington, D.C. to call for Chairman Gary Gensler’s resignation.” He expressed that securities are vital to the economy, emphasizing his lifelong dedication to the industry.
Chief Gensler’s oversight and ties to the fraudulent SBF, his placement of ESG partisan politics and personal Cabinet ambitions above the Constitution, his flippant handling of the digital asset space, and his lack of transparency hurt the industry and hurt the American economy.
It should be noted that these calls for Gensler’s resignation come amid broader concerns within the cryptocurrency industry regarding the SEC’s strategies as recent regulatory actions have not sat well with various stakeholders.
For example, tThe SEC recently designated six tokens, including Algorand, as securities in a case against Bittrex, which has been a significant point of contention, raising questions about the SEC’s overall stance on cryptocurrencies.
Society echoes concerns
The undercurrents of dissatisfaction are not limited to Fenton alone. The community’s reaction to Fenton’s call to action reveals shared feelings.
John E. Deaton, a lawyer associated with XRP, Support for Fenton’s positionto highlight a united front within the pro-crypto community against what they see as regulatory overreach.
Notably, John recently expressed that the regulator’s approach to regulating cryptocurrencies appears to be supporting the interests of corporate capitalism rather than advocating investor protection.
For years I have said that we do not live in a real capitalist system. We have corporate capitalism in the United States. Look at the rules for accredited investors and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase allowing non-certified… https://t.co/JVis3xw30f
– John E. Deaton (@JohnEDeaton1) July 29, 2023
Featured image from Unsplash, chart from TradingView