Is Uncle Gary leaving the SEC? - page 2.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: bbc.reporter on April 26, 2024, 08:49:56 PM

He is not leaving hehehehe and he also cannot be removed from his position unless there is a motion for impeachment in Congress. His term will end in 2026.

The US Congress doesn't have the power to remove the SEC Chairman. He is an appointee of the president and confirmed by Congress and can only be removed by the President. The Senate can only mount pressure on the President to sack him but this can only happen if he is guilty of inefficiency, neglect of duty, or misconduct. It is rare to see the president of the US sacking the head of an independent regulatory commission like the SEC they are usually forced to resign.

Quote from: zasad@ on April 27, 2024, 03:38:23 AM

Uncle Gary is doing a great job, but he will fail with Ethereum and soon there will be spot Ethereum ETFs in the US. Many companies were waiting for regulations, and now the SEC has many ways to fill the state budget.

The approval of Spot Bitcoin ETF has paved the for Ethereum ETF. I don't think that there is any reason why it should not be approved. Immediately the SEC has made laws that will put the ETF market under control, and it will be approved.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

bbc.reporter,
CFTC declares Ether as a commodity again in court filing
https://cointelegraph.com/news/cftc-declares-ether-as-a-commodity-again-in-court-filing

U.S. Court Calls ETH a Commodity While Tossing Investor Suit Against Uniswap
https://www.coindesk.com/policy/2023/08/31/us-court-calls-eth-a-commodity-while-tossing-investor-suit-against-uniswap/

https://blockworks.co/news/cftc-alleges-eth-as-commodity-kucoin-lawsuit
CFTC calls ETH a commodity in KuCoin complaint

Uncle Gary is doing a great job, but he will fail with Ethereum and soon there will be spot Ethereum ETFs in the US. Many companies were waiting for regulations, and now the SEC has many ways to fill the state budget.

bbc.reporter

legendary

Activity: 3010

Merit: 1460

Quote from: zasad@ on April 24, 2024, 11:23:26 AM

https://twitter.com/GaryGensler/status/1780685466007966179
"And we’re not done.

He is not leaving hehehehe and he also cannot be removed from his position unless there is a motion for impeachment in congress. His term will end on 2026.

I reckon that uncle Gary is only beginning his attack on the cryptospace. After the Well's notice sent to Uniswap, the SEC has accussed that Metamask is acring similar to a brokerdealer.

The SEC accuses the MetaMask wallet of acting as an unlicensed broker-dealer, violating securities laws. A broker-dealer is a financial entity that conducts securities transactions on behalf of clients but can also trade for itself. It acts as a broker or agent when executing orders for clients; it acts as a dealer or principal when trading for its account.

Read in full https://www.coinlive.com/news/sudden-development-u-s-sec-accuses-metamask-of-operating-without-a

Majestic-milf

hero member

Activity: 966

Merit: 620

Quote from: Husires on April 26, 2024, 09:07:07 AM

I do not think that if he resigns or someone replaces him, it will change much. Faces change, but changing policies takes a lot of time. These policies are not welcoming to Bitcoin in general, so we may need a lot of time before we see a change in SEC policies.

For me it will be a step in a positive direction if he gets changed. Okay, you may have a point about how policies take a lot of time to implement especially if the higher powers that be are also presenting a less than favorable front over Bitcoin but I feel that a kind of trust can be put in the SEC if a new face is brought in.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: zasad@ on April 24, 2024, 11:23:26 AM

This could be a joke from Uncle Gary.

The first tweet sounded like a farewell speech while the other two posts disproved that he was considering leaving the SEC. Gary Gensler's tenure as the SEC chairman will end on June 5, 2026, and there is no indication that the strongman has plans to resign before the end of his appointment duration. He is also not under any investigation by the Senate, House of Rep, or any other government agencies that might warrant him to step aside.

Gary might be seen as a fierce opposer of Bitcoin adoption but he did what many former SEC chairmen failed to do, which is the approval of Spot Bitcoin ETF. He was able to go against some anti-Bitcoin forces in the legislature and other institutions that were bent on stopping the approval of ETF.

Husires

legendary

Activity: 1596

Merit: 1288

Quote from: Majestic-milf on April 25, 2024, 03:40:46 PM

If you ask me, the speech he gave was more of an appreciation than resignation and it looked that way because many of us just want to see Gary Gensler out of office due to his high-handedness where bitcoin is concerned.

I do not think that if he resigns or someone replaces him, it will change much. Faces change, but changing policies takes a lot of time. These policies are not welcoming to Bitcoin in general, so we may need a lot of time before we see a change in SEC policies.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Studying American legislation, I came to the conclusion that the chairman of the SEC is limited in his powers. For example, when SEC analysts and lawyers find violations, this is submitted to the SEC commissioners for a vote. If the voting results are positive, then even the head of the SEC cannot interfere with the investigation.

If previously everyone was afraid to sue the SEC, now this is possible.

pawel7777

legendary

Activity: 2436

Merit: 1561

He was just trolling.
The first one indeed read like a farewell note, but the "and we're not done" doesn't quite fit that kind of a message.

Quote from: Alphakilo on April 24, 2024, 02:20:58 PM

Gary Gensler has been like the ultimate villain in the bitcoin story. He went from looking like a proponent of bitcoin during his time at MIT with his lectures to revealing his true colours once he became in charge of the SEC.

He might be a villain for the wider crypto-industry, but he gained some sympathy from the die-hard bitcoiners by confirming that BTC is not a security, but all other major cryptos (namely ethereum) might fall into that category.

Majestic-milf

hero member

Activity: 966

Merit: 620

Quote from: Husires on April 25, 2024, 08:57:03 AM

Does anyone know how decisions are made in the SEC and whether the duties of the SECGov Chair are able to bring about changes in the way it works, or is it an institution and changing the chair may not change many trends in the institution?
Despite the bad reputation that Gary Gensler acquired and that the SEC tracked most (if not all) cryptocurrency exchanges, during his period the bitcoin ETF was approved, and it was his vote that made the difference.

I don't know how the SEC do their thing but you'd have to agree that our dear Gary was a serious pain in the ass and it doesn't matter if he was instrumental to the approval of the ETFs or not, he'd still not get into the good graces of crypto enthusiasts.
Well, the way Gary began his speech gave many the impression that he was resigning and knowing him, i think that was done deliberately to raise dust in the crypto space.
If you ask me, the speech he gave was more of an appreciation than resignation and it looked that way because many of us just want to see Gary Gensler out of office due to his high-handedness where bitcoin is concerned.

Husires

legendary

Activity: 1596

Merit: 1288

Does anyone know how decisions are made in the SEC and whether the duties of the SECGov Chair are able to bring about changes in the way it works, or is it an institution and changing the chair may not change many trends in the institution?
Despite the bad reputation that Gary Gensler acquired and that the SEC tracked most (if not all) cryptocurrency exchanges, during his period the bitcoin ETF was approved, and it was his vote that made the difference.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

I don't think Uncle Gary is a villain. He does his job and tries to maneuver between different political groups in order to maintain his post. After he leaves SEC, he will be one of the highest paid advisors at the largest crypto company. SECGov's 34th Chair might be worse than Uncle Gary.

Alphakilo

sr. member

Activity: 450

Merit: 220

Gary Gensler has been like the ultimate villain in the bitcoin story. He went from looking like a proponent of bitcoin during his time at MIT with his lectures to revealing his true colours once he became in charge of the SEC.

As a non-us citizen who is not resident in the US, we have felt the indirect effect of his countless effort to clampdown on bitcoin.

Believe me when I said I was happy when I read the first line of the tweet but by the end of thread, I felt so disappointed. In conlusion he was just trolling crypto twitter.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

This is what managers usually say before leaving their positions.

https://twitter.com/GaryGensler/status/1780685461020663888
"It’s been an honor to serve as
@SECGov Chair. Over the past 3 years, I’ve seen firsthand how the incredible staff at the SEC serve investors and issuers alike."

https://twitter.com/GaryGensler/status/1780685464455843858
"We've been working on making our markets more efficient, competitive, transparent, and resilient.

We’ve finalized 38 rules – on Treasury clearing, corporate governance, and money market funds, to name a few."

https://twitter.com/GaryGensler/status/1780685466007966179
"And we’re not done.

On our agenda: further equity market structure rules and additional cybersecurity rules, among others."

____
This could be a joke from Uncle Gary.

Topic: Is Uncle Gary leaving the SEC? - page 2. (Read 543 times)