Topic: Is Uncle Gary leaving the SEC? (Read 543 times)

https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx

Exclusive: Trump to Meet Privately With Coinbase CEO Brian Armstrong

"President-elect Donald Trump is meeting with the CEO of cryptocurrency exchange platform Coinbase Monday, according to people familiar with the matter. The duo is expected to discuss personnel appointments for his second administration.

The meeting between Trump and Brian Armstrong would mark the first time the two have met since Election Day and comes as Trump continues to fill out his cabinet and other senior posts. Trump, formerly a crypto skeptic, has turned into a vocal supporter of the industry."

Don't worry, SEC will have a new leader soon.

I wish it is and i cannot wait to see him out of that position, good thing is that i am not the only one who wants that, but nearly the entire crypto industry. Gary has been a scourge to crypto firms and projects with his idea of regulation by enforcement, it would be better for the sec to have a new chair who is more open to the concept of cryptocurrency and hopefully that happens when Trump is sworn in soon.

Uncle Gary's farewell speeches

https://finance.yahoo.com/news/gary-gensler-hints-sec-departure-165445805.html?
On Thursday, Gary Gensler, the current U.S. Securities and Exchange Commission (SEC) chair, who has faced significant criticism from the crypto industry, announced that he was “proud to serve” the SEC, hinting at an imminent resignation.

https://thedeepdive.ca/gary-gensler-may-soon-leave-the-sec/

US Securities and Exchange Chairman Gary Gensler’s tenure at the agency’s helm may be drawing to a close. He hinted as much on Thursday, delivering what observers view as a farewell address to a legal education forum. His remarks highlighted the contentious relationship between the nation’s top securities regulator and the cryptocurrency industry.

“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler said of the commission’s staff.

His term, marked by intensive crypto industry oversight, saw more than half of the SEC’s digital asset enforcement actions since 2015, according to venture capital firm Paradigm’s analysis. While cryptocurrency executives criticized this approach as excessive regulation, Gensler emphasized its limited scope.

“Our focus has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities,” Gensler said, noting this represented “less than 20 percent of the whole crypto market.” He specifically mentioned never considering Bitcoin as a security.

The chairman highlighted achievements including the introduction of crypto-backed exchange-traded funds, which he said provided investors with disclosure requirements, oversight, and reduced fees compared to unregulated markets. However, he expressed continued skepticism about the sector, citing “significant investor harm” and limited proven uses beyond speculation.


https://x.com/EleanorTerrett/status/1857147653592936631

"SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler.

The lawsuit, signed by 18 Republican Attorneys General, details how the agency has committed “gross government overreach” with its regulation by enforcement crusade against the $3 trillion industry, resulting in an infringement upon states’ rights to regulate their economies.

Story developing and full write-up coming soon."

Gary Gensler will be the world's most sought-after expert in the crypto industry when he steps down as head of the SEC.
Justin Sun is already tweeting about it. I have seen some politicians in Russia, when they worked in the civil service, they had very tough policies, but after they were fired, they became very ardent enemies of the state system.

https://x.com/justinsuntron/status/1854083500200415444
"As an industry, we should have an inclusive heart, no matter who it is. I’m open to hiring Gensler if he can genuinely treat the crypto industry with sincerity."

Good riddance, don't forget to write!

Since his appointment in 2021, he has used everything in his disposal to classify bitcoin as a "security", and has been aggressive with every popular crypto platform. In addition to that, repeatedly rejecting the Bitcoin ETF has arguably made him the most "anti-Bitcoin" figure to hold this position.

Just like I said in my post concerning this matter, it is common practice for the SEC chairperson to resign if the government that appointed him loses power. It happened when Obama left and Trump appointed Jay Clayton while Mary Jo resigned. Maybe Mary would have continued as the SEC chairperson if Hilary Clinton had won the election. I don't think Gary Gensler will want go through the legislative and executive process of sacking, he would honorably resign.

https://decrypt.co/290387/sec-chairman-gary-gensler-likely-resign-analyst
SEC Chairman Gary Gensler Likely to Resign After Trump Win: Analyst
"President-elect Donald Trump can't fire crypto critic Gary Gensler without cause, but history suggests that the SEC chairman will bow out.
The United States Securities and Exchange Commission (SEC) could soon see a new chairman following Donald Trump’s projected election win, a noted crypto analyst said Wednesday.

Analyst Markus Thielen, the CEO of crypto research firm 10x Research, wrote in a research note that recent history suggests that Gary Gensler is likely to resign in the near future amid the impending regime change. The SEC’s chairman would just be following in the steps of his predecessors.

The SEC chairman “typically resigns when a new president takes office, aligning with the incoming administration's preferences,” Thielen wrote."

A year on, the @SECGov includes #crypto in its list of 2025 exam priorities despite no major crypto participants having registered with the Commission in 2024.

The only crypto assets I can think of that the SEC has interacted with in a regulatory role, not an enforcement one, are the $BTC and $ETH ETFs. Will the exams focus on those and the companies that work with them?


https://x.com/EleanorTerrett/status/1848714111250477196

https://www.coindesk.com/news-analysis/2024/10/22/gary-genslers-contentious-reign-over-crypto-approaches-its-twilight/
Gary Gensler's Contentious Reign Over Crypto Approaches Its Twilight
"The U.S. SEC chair has arguably been the individual with the greatest influence over the direction of America's crypto policies, but his days atop the agency are numbered.

Most Securities and Exchange Commission chiefs step down after a new president arrives, and for the crypto industry, Chair Gary Gensler's final moment is a point of high interest.
Digital assets leaders have battled him in court, and their friends in Congress have attacked Gensler for standing in the way of innovation, but his time is running low.
Gensler has options for how he wants to end things, and he still has some time left to engage in crypto policy and enforcement before he goes.
Someday soon, somebody besides Gary Gensler will be calling the shots at the U.S. Securities and Exchange Commission, and most of the crypto industry will rejoice.
More than any other figure in the U.S. government, this SEC chair played an unflinching antagonist to its aims. That no-holds-barred opposition to the way crypto companies want to do business is likely to cease, one way or another, in the coming year, when the securities agency gets a new boss.
But the countdown for Gensler raises a number of questions, leaving one final chapter of drama in his reign over crypto (and the rest of securities regulation in the U.S.). And if there's a common feeling among those who watch the SEC closely, it's uncertainty.
Gensler's five-year SEC term expires on Jan. 5, 2026, but tradition suggests a chair will step away if the opposing party takes the White House. Still, they don't have to. A second term for President Donald Trump doesn't mark an automatic end to Gensler's tenure. If he decided to make a stand, he could finish out his term as a commissioner and maintain a Democratic majority at the agency for as long as it takes for the new president to make appointments and the Senate to confirm them."

https://www.politico.com/newsletters/morning-money/2024/10/07/the-crypto-executive-who-could-soon-be-running-the-sec-00182663
"Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.

“He’d be a natural choice,” one former senior SEC official told MM.

But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.

The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up."

We are not talking now about tokens that are traded on centralized and decentralized exchanges.
We probably didn't pay attention to my reference to SAFT and SAFE(US).
When a company sells a token to everyone indiscriminately, as was the case in 2016-2018 at the ICO and actively advertises its product, it is more like selling securities. SEC regulation has just begun, and many more projects will be punished for this.

@zasad@. The tokens were not sold privately to investors with a promise to earn something with those tokens. Also this is where the confusion begins on using the Howey test on tokens because it can also bw considered that the tokens are the oranges and they are not the orange farm. Uncle Gary was arguing that the action of issuance on these tokens make them a security. But the judge made a ruling against this argument.

On the tokens that are being traded on exchanges and on platforms similar to Uniswap, these are not securities because there is no contract for these tokens to earn something if investors hold them. They are very much similar to memecoins.

Then let's come to some agreement on this issue.
I think that even before the court’s decision it was clear that if a token was not sold to investors, then it cannot be a security.
This is what the famous Howey test says.

The fact "that tokens themselves are not securities" helps US-based crypto exchanges avoid accusations of securities trading.

Ripple still has a bunch of other legal charges, and most likely they will pay a fine. Ripple was also engaged in active marketing and market manipulation (like other projects).
https://bitcointalksearch.org/topic/sec-vs-ripple-continuation-of-the-story-5487767

A way to avoid problems with SEC
https://bitcointalksearch.org/topic/saft-and-safeus-5480233
Is this a secret? This has been known to everyone for a long time, but with such requirements it was impossible to work on the crypto market.

@zasad@. The victory in the case on Ripple is the judges ruling that have declared that the tokens by themselves are not securities. This might open a new roadmap for development teams on how to issue tokens without making it a security. I speculate that proof of work will become useful again in this new distribution method where projects will use proof of work for distribution then make the transformation to proof of stake. It might be similar to Ethereum without the premine.

I do not agree that the SEC completely lost against Ripple in court. Ripple will pay big fines and the case is not closed yet.
If the result of Uncle Gary's work is measured in the fines that companies pay to the US budget, then Uncle Gary works very well. If we evaluate judicial practice, then money and the best lawyers in the world win here.

This is not unlikely. A few days ago, I read news about an attempt to negotiate with the SBF to drop some charges against him in order to expose the involvement of some celebrities who promoted the FTX exchange, including Shaquille O’Neal, Stephen Curry, Naomi Osaka, and Tom Brady.....
https://futurism.com/the-byte/sbf-ftx-celebrity-endorsers

So yes, the turn will come for everyone, whether centralized or decentralized exchanges, all centralized and decentralized third-party services, and even celebrities. Perhaps this is what Gary means by "And we’re not done".

Hehehhe he is only doing a great job before the case, however, when these cases begin, it will depend on the judge's statement and ruling if uncle Gary is really doing a great job. Uncle Gary was a loser to Ripple already. This is a very important precedent for the next cases.


I am not quite certain on this. I reckon congress has this power also.

https://constitution.congress.gov/browse/essay/artII-S4-1/ALDE_00000282/#:~:text=Article%20II%2C%20Section%204%3A,other%20high%20Crimes%20and%20Misdemeanors.

@cryptomaniac_xxx. I reckon certain people are behind this anticrypto campaign in America. The grandmas Janet Yellen and Elizabeth Warren. These grandmas might be working for the real rulers who are found in Wall Street. These are the enemies of the new mayor of bitcoin.

He is at best trolling us, Lol, yeah probably this is just a sign that him or the SEC will be on the offensive against with the "And we’re not done".

So let's see who will be the next project that they will be going after, anyone will be under the radar from them. And if a certain project started to take off, and then a lot of hype and endorsers be it hollywood stars and sports personalities, for sure they will be the one on the list to scrutinized and find something that will make them go after that project for whatever reasons they deem against their rules.

No I dont think the great honor of MR Gary gonna leave this space I mean hahhaha he seems like SEC so much and the SEC seems to hate crypto much without Gary this crypto world gonna feel so plain. 

Hahaha but seriously tho those twitter might be indication when someone are going to leave/resign but If mr gary resign I hope SEC had a new leader who like crypto a lot

SEC had no issues with bitcoin. Satoshi was not selling anything, and SEC had no chance to call Bitcoin a stock.
The other problem was that SEC didn't realize where a large portion of the bitcoin stock was

https://bitcointalksearch.org/topic/bitcoin-statisticswhere-are-bitcoins-now-5487893
Half of the bitcoins have unknown owners, and it was a reasonable claim by the SEC to protect the market from manipulation.

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.

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.

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.

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

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.

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.

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.

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.

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.


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.

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.

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 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.

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.

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.