On July 1st, the crypto website “thecryptoalert.com” unexpectedly published news claiming that SEC Chairman Gary Gensler had “submitted his resignation following an internal investigation into his misconduct.”
Gary Gensler took the helm of the SEC in April 2021, pledging to strengthen market oversight and protect investors. Since being chosen by President Biden as the successor to the SEC Chair position, Gary Gensler has been expected to bring positive changes to the cryptocurrency market. He is known for being friendly towards blockchain technology.
However, it seems that not everything is as rosy as the cryptocurrency community may have believed. From the prolonged legal issues surrounding Ripple (XRP) to the recent crackdown on exchanges and attacks on crypto companies in the United States, these events serve as clear evidence of Gary Gensler’s contrasting stance.
Therefore, Gary Gensler’s resignation might be seen as good news for the cryptocurrency community. In fact, during the period when Gensler was cracking down on exchanges like Binance and Coinbase, the hashtag #GaryGenslerResign trended on Twitter. Currently, the hashtag #FireGaryGensler has also attracted over 6,000 tweets.
In reality, this is not the first time rumors about Gary Gensler’s resignation have surfaced. Earlier, on April 20th, unofficial sources also made claims about Gary Gensler being “fired.”
In mid-June, U.S. lawmakers introduced a new bill to the House of Representatives called the “SEC Stability Act.” One of its main provisions is the termination of Gensler and labeling him as the “Chairman of Overreach.”