- False rumors of SEC Chair Gary Gensler’s resignation spark speculation within the crypto market.
- Despite the rumors, the crypto community demands regulatory changes, expressing concerns about a potential new SEC Chair’s stance on crypto enforcement.
In the midst of an upcoming election year season, rumors have emerged regarding the potential resignation of Gary Gensler, Chair of the US Securities and Exchange Commission (SEC).
A recent tweet from John E Deaton (@JohnEDeaton1) hinted at the possibility, stating that the more Gary Gensler becomes a political liability, the greater the chance of his resignation.
Not yet. But we are entering the election year season and the more of a political liability @GaryGensler becomes the greater chance it does happen. https://t.co/eeCGGJbGJj
— John E Deaton (@JohnEDeaton1) July 3, 2023
Shortly after, a tweet from @WhaleChart claimed that an anonymous SEC official disclosed Gensler’s intention to step down following an internal investigation.
BREAKING:
Anonymous official at the SEC has reportedly disclosed that chairman Gary Gensler is going to resign following an internal investigation.
— whalechart (@WhaleChart) July 2, 2023
However, these rumors have been debunked, and it is important to approach them with skepticism. Confirmation from Bitboy Crypto asserts that the likelihood of Gensler resigning is almost zero. Despite this, the crypto market remains abuzz with speculation.
Within the crypto community, there is a growing demand for regulatory changes, as many express concerns about Gensler‘s approach to crypto enforcement. The possibility of a new SEC Chair raises fears that they could be even stricter regarding anti-crypto measures. Therefore, the community emphasizes the need for a regulatory overhaul that fosters innovation and supports the growth of cryptocurrencies.
Notably, the recent lawsuits against Coinbase and Binance, accusing them of securities law violations, have heightened the community’s focus on regulatory developments. These enforcement actions, occurring in early June 2023, have underscored the significance of potential shifts in regulations for the crypto market.
While the rumors of Gensler’s resignation caused a stir, leading influencers such as Ben Armstrong have dismissed them as baseless. Armstrong indicates that Gensler may have other plans or potential future roles outside of the SEC, making his resignation unlikely. Speculation suggests that Gensler might consider running for the Senate seat in Maryland following Senator Ben Cardin’s retirement in 2024.
Therefore, it is improbable that Gensler will step down as SEC Chair. His tenure has been characterized by a firm commitment to crypto regulation and market transparency. As the crypto market anticipates future developments, optimism prevails regarding the future price of Bitcoin.
