Report SEC Chairman Gary Gensler Resigned Is It True?

Key Points:

• Recently a report has begun to spread rumors that SEC Chairman Gary Gensler has resigned.
• However, SEC PR told FOX reporters that Gensler would not step down.
• President Gary Gensler is on a full-blown assault on the crypto industry, most notably the recent lawsuit with Binance and Coinbase.

A fake website recently started spreading rumors that SEC Chairman Gary Gensler has resigned, but that is not true.

The site publishes only a few articles. Some crypto bloggers are also spreading this rumor. In it, one of the sources reporting Gensler’s resignation is the CoinDesk website. CoinDesk cited an unnamed source as saying that Gensler resigned immediately. However, CoinDesk later updated its story to say that the source was mistaken and Gensler did not leave.

After the rumor spread, FOX Business Network (FBN) reporter Charles Gasparino attempted to get an answer from SECGov, and as expected, its media department announced that Gary Gensler was not resigning.

At the beginning of June, the United States Securities and Exchange Commission (SEC) launched two major legal actions against two leading cryptocurrency exchanges, Binance and Coinbase, accusing the exchanges of violating the US securities laws.

At the heart of this attack is Gary Gensler, who was appointed SEC chairman in February 2021. Gensler today looks like the crypto industry’s worst enemy, putting out what sounds like a complete negation of the entire point of the existence of cryptocurrencies.

Having said that, since his first year as head of the SEC, Gensler has consistently believed that most cryptocurrencies fit the definition of securities and crypto exchanges. Cryptocurrency needs to be registered with the SEC, and stablecoins are “poker chips” to gamble on cryptocurrencies that pose systemic economic risks.

At the same time, Gensler said in testimony before Congress that the US government and Congress should develop more definitive rules for cryptocurrencies.

However, contrary to this argument, Coinbase has always made the point that the SEC has been deliberately dodging the requirement to make specific regulations for the crypto industry and many other companies in the industry for a long time. However, the crypto companies is still accused of non-compliance.

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