JUST IN: Gary Gensler to step down as SEC Chair - page 2.

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Quote from: Antotena on November 22, 2024, 07:47:16 AM

Quote from: pakhitheboss on November 22, 2024, 03:26:19 AM

Although he supports Bitcoin, he does not want the crypto industry to grow in the US. Speculation about his departure from the SEC was very high before the election results. His departure news now has made the entire crypto market bullish I am sure the CEOs of Kraken and Coinbase will be very pleased with this news so will the XRP army.

I'm not sure about what you mean by supporting something. Gary doesn't support Bitcoin, he statements are somewhat an opinion and hating towards Bitcoin. If you support Bitcoin, you will do or say as someone that support it but all the comment that man has been saying is negativity. He always say Bitcoin allowed money laundering, Bitcoin is use for bad things and support terrorism, even if he says anything good after, this already has nullify the support.

With what the SEC has done to the crypto industry and Gary often badmouthing bitcoin in interviews. It's baffling that there are still people defending him and thinking that the SEC is pro-bitcoin and what they're doing is protecting investors like us.
If what Gary is doing is aimed at protecting investors and ensuring a legal framework for the crypto industry to thrive, why is he in such a hurry to resign before Trump officially becomes president? If he thinks he is not wrong, what is he afraid of?

Quote from: Antotena on November 22, 2024, 07:47:16 AM

What I'm yet to understand about the office of the SEC is how they are going to make Bitcoin friendly. Even if he step down own his own will, a new chairman will be coming from the office definitely and trust me, they all share the same agenda, the same objective. Unless there is a direction from above to stop stabbing Bitcoin, this speculations and negative words wouldn't end.

Regulations and legal frameworks are inevitable because that is how governments operate and govern this world. If the new administration is friendly to bitcoin, we will have a more open policy and will no longer hear slanderous things about bitcoin such as, Bitcoin allows money laundering, Bitcoin is used for bad purposes and supports terrorism...

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Quote from: asriloni on November 22, 2024, 03:08:04 AM

Quote from: franky1 on November 21, 2024, 04:20:17 PM

to be honest, i feel gensler is pro-bitcoin, but was being strangled(forced to toe the line) by elizabeth warren who is anti-bitcoin..
i think removing elizabeth warren would be more advantageous to bitcoin

I thought Gary has been pro-bitcoin since he taught a blockchain lesson at MIT, but many said he's hard against crypto. I'm also wondering in what way he's against crypto considering ETFs were approved in his era.

Yes, he has approved spot Bitcoin ETFs, finally. But only after a federal court got involved.

A lot of people saw him as a roadblock, especially with the whole Bitcoin ETF saga. Crypto advocates had been pushing for a Bitcoin ETF for over a decade, but Gensler and the SEC kept shutting them down, saying the market was too manipulated and riddled with fraud. They rejected over 20 different proposals in recent years. It wasn't until a federal appeals court pretty much forced their hand that things changed. The court slapped down the SEC's reasoning for rejecting Grayscale's application, saying they didn't explain why they approved Bitcoin futures ETFs but turned down spot Bitcoin ETF. So, the SEC had to go back and approve it, but it wasn't really a decision in favor of crypto - it was more about the court pushing them into a corner.

So, yeah, even though Gensler may have some background in blockchain, his actions didn't exactly scream "pro-crypto" during his time at the SEC.

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Quote from: Antotena on November 22, 2024, 07:47:16 AM

Quote from: pakhitheboss on November 22, 2024, 03:26:19 AM

Although he supports Bitcoin, he does not want the crypto industry to grow in the US. Speculation about his departure from the SEC was very high before the election results. His departure news now has made the entire crypto market bullish I am sure the CEOs of Kraken and Coinbase will be very pleased with this news so will the XRP army.

I'm not sure about what you mean by supporting something. Gary doesn't support Bitcoin, he statements are somewhat an opinion and hating towards Bitcoin. If you support Bitcoin, you will do or say as someone that support it but all the comment that man has been saying is negativity. He always say Bitcoin allowed money laundering, Bitcoin is use for bad things and support terrorism, even if he says anything good after, this already has nullify the support.

What I'm yet to understand about the office of the SEC is how they are going to make Bitcoin friendly. Even if he step down own his own will, a new chairman will be coming from the office definitely and trust me, they all share the same agenda, the same objective. Unless there is a direction from above to stop stabbing Bitcoin, this speculations and negative words wouldn't end.

Let's see how it goes, this time the people in the chairs are the most pro-crypto guys out there for the last decade, so maybe, just maybe - we will have a good man in SEC chair as well.
Only time would be able to tell.

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Quote from: hd49728 on November 22, 2024, 04:42:40 AM

Hero or Villain? Gary Gensler’s Polarizing Legacy at the SEC. With some people Garry is a hero but with many others, he is a villian, and his legacy is full of controversy even inside SEC.

The surge of Bitcoin, and especially Ripple around rumor that he will step down and his official statement to confirm the rumor, is proof that he is not welcomed and supported by cryptocurrency community. They reacted accordingly with his announcement, agree with him or not, there are some terrible scandals, fiascos in his tenure, most famous ones are Terra and FTX, and positively Bitcoin Spot ETF were appproved in January this year after about 10 years since a first application.

Bitcoin Historical Price & Events

Quote

Spot Bitcoin Application Approval in the United States - January 10, 2024

Ten years after the first Spot Bitcoin ETF application was filed in the US, the Securities and Exchange Commission (SEC) approved the long-awaited Bitcoin Exchange Traded Fund.

For some he was the good, for some - the bad, but for most - the ugly. At least that's how my surroundings reacted to him and people in the space that I know are happy that he is gone. I hope to see a better man in that SEC chair in the future.

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Quote from: bitebits on November 22, 2024, 06:06:08 AM

Good riddance to be honest. Jesse Powell from Kraken and the Winklii are very vocal about the damage he has done two the industry just for personal political gains. I like to think because of Gensler most bitcoiners voted red causing his own political party downfall. Nobody is bigger than Bitcoin.

Let's see who will change him in his place to see how it would go first.
It's an unknown territory at the moment.

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Quote from: pakhitheboss on November 22, 2024, 03:26:19 AM

Although he supports Bitcoin, he does not want the crypto industry to grow in the US. Speculation about his departure from the SEC was very high before the election results. His departure news now has made the entire crypto market bullish I am sure the CEOs of Kraken and Coinbase will be very pleased with this news so will the XRP army.

I'm not sure about what you mean by supporting something. Gary doesn't support Bitcoin, he statements are somewhat an opinion and hating towards Bitcoin. If you support Bitcoin, you will do or say as someone that support it but all the comment that man has been saying is negativity. He always say Bitcoin allowed money laundering, Bitcoin is use for bad things and support terrorism, even if he says anything good after, this already has nullify the support.

What I'm yet to understand about the office of the SEC is how they are going to make Bitcoin friendly. Even if he step down own his own will, a new chairman will be coming from the office definitely and trust me, they all share the same agenda, the same objective. Unless there is a direction from above to stop stabbing Bitcoin, this speculations and negative words wouldn't end.

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Quote from: Rruchi man on November 21, 2024, 02:56:22 PM

Trump is looking like the chosen one.

A new crypto messiah before whom everyone will kneel and worship him as a deity Roll Eyes

As things stand, I wouldn't be surprised if Mr. Donald declared himself Satoshi, or at least his official representative, given that BTC will soon become so important for the US that they will simply declare it their own. That old saying that says "Be careful what you wish for, because you just might get it" will become much clearer to some in the future.

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Good riddance to be honest. Jesse Powell from Kraken and the Winklii are very vocal about the damage he has done two the industry just for personal political gains. I like to think because of Gensler most bitcoiners voted red causing his own political party downfall. Nobody is bigger than Bitcoin.

hd49728

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Hero or Villain? Gary Gensler’s Polarizing Legacy at the SEC. With some people Garry is a hero but with many others, he is a villian, and his legacy is full of controversy even inside SEC.

The surge of Bitcoin, and especially Ripple around rumor that he will step down and his official statement to confirm the rumor, is proof that he is not welcomed and supported by cryptocurrency community. They reacted accordingly with his announcement, agree with him or not, there are some terrible scandals, fiascos in his tenure, most famous ones are Terra and FTX, and positively Bitcoin Spot ETF were appproved in January this year after about 10 years since a first application.

Bitcoin Historical Price & Events

Quote

Spot Bitcoin Application Approval in the United States - January 10, 2024

Ten years after the first Spot Bitcoin ETF application was filed in the US, the Securities and Exchange Commission (SEC) approved the long-awaited Bitcoin Exchange Traded Fund.

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Quote from: mindrust on November 21, 2024, 02:10:16 PM

He became a lame duck the moment Donald Trump announced he would fire him on the first day of his presidency. This was expected. I heard that DJT doesn’t have the authority to do that (fire him) but it would be stupid for Gary to stay anyway. He made a wise decision. Good for him he saved himself from further embarrassment.

Trump probably will replace him with a more crypto friendly dude and obviously that’s bullish news.

Trump pump is only beginning.

$1 million is the new target.

Trump does not have the authority to fire Gary, but he can put a lot of pressure on Gary to resign, and that is not new in American politics. If you notice, every time a new president is elected, most of the incumbent SEC chairmen resign because they know full well that trying to hold on to that position will not benefit them. Trump understands that very well, which is why he boldly stated that he would fire Gary at a bitcoin conference a few weeks ago during the campaign.

The $1 million target for Bitcoin may seem like an unrealistic goal, but if Trump's idea of making Bitcoin a strategic reserve comes to fruition, it will no longer be an unrealistic goal.

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Gensler had his run, and many were unhappy with his position regarding Bitcoin and a long history of opposing Bitcoin ETFs. It makes sense that with Trump, we'll see a replacement that he finds suitable. Probably someone more profit-oriented and crypto-friendly, so we'll likely see fewer crackdowns on reputable exchanges and other crypto businesses. So, orientation toward profit for crypto businesses and turning a blind eye to gray area practices seems likely. It's not the kind of world where Bitcoin as a decentralized pseudonymous currently stands strong against the authorities and corporations, but I believe it will lead to higher prices.

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Quote from: franky1 on November 21, 2024, 04:20:17 PM

to be honest, i feel gensler is pro-bitcoin, but was being strangled(forced to toe the line) by elizabeth warren who is anti-bitcoin..
i think removing elizabeth warren would be more advantageous to bitcoin

It would be great to remove her from the government, but I'm not sure how that happens. She's obviously not gonna just resign.

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Quote from: Apocollapse on November 22, 2024, 03:13:18 AM

So actually he's a Bitcoin supporter, but it's just his personal brand that make people think he's a Bitcoin hater.

He's the one who choose to leave SEC chair instead of fired by Trump, he has a big heart to support Bitcoin as he know everybody think he's bad for Bitcoin.

Gary Gensler isn't a villain, but he's an antihero.

Although he supports Bitcoin, he does not want the crypto industry to grow in the US. Speculation about his departure from the SEC was very high before the election results. His departure news now has made the entire crypto market bullish I am sure the CEOs of Kraken and Coinbase will be very pleased with this news so will the XRP army.

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Quote from: hugeblack on November 22, 2024, 01:52:12 AM

I remember Gary Gensler Voted to Approve Bitcoin ETFs and without his 3 out of 5 votes it would not have been approved:

So actually he's a Bitcoin supporter, but it's just his personal brand that make people think he's a Bitcoin hater.

He's the one who choose to leave SEC chair instead of fired by Trump, he has a big heart to support Bitcoin as he know everybody think he's bad for Bitcoin.

Gary Gensler isn't a villain, but he's an antihero.

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Quote from: franky1 on November 21, 2024, 04:20:17 PM

to be honest, i feel gensler is pro-bitcoin, but was being strangled(forced to toe the line) by elizabeth warren who is anti-bitcoin..
i think removing elizabeth warren would be more advantageous to bitcoin

I thought Gary has been pro-bitcoin since he taught a blockchain lesson at MIT, but many said he's hard against crypto. I'm also wondering in what way he's against crypto considering ETFs were approved in his era.

Quote from: Botnake on November 22, 2024, 02:03:00 AM

So he doesn't waited until inauguration day.

SEC Chair Gensler Says He’ll Resign on Inauguration Day

With this news, the market is bound to get even more bullish, and hitting $100k could actually happen today. Honestly, it feels inevitable at this point, it’s just a matter of when. But let’s focus on the potential replacements, especially since these names are the ones that pop up when I search:

Quote

Paul Atkins
Hester Peirce
Brian Brooks
Dan Gallagher
Teresa Goody Guillén:

which one of them is likely to be name the next?

I don't see Richard Farley on the list, why?

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Quote from: Catenaccio on November 21, 2024, 10:08:09 PM

Some of his biggest failures is collapses of Terra and FTX and so far he has yet been charged by any responsibility as head of SEC. to protect US. citizens against scammers while during his term, he tried to sue many cryptocurrency companies in his homeland and somehow forced them migrating to other nations.

The SEC only has the authority to regulate the stock and bond markets while cryptocurrencies are not securities, so we cannot blame them for the downfall of Luna or FTX.

The SEC's purpose in trying to attack crypto companies is because they want to force these companies to admit that they are securities so they can easily control them. But their approach has been met with fierce opposition from the crypto industry rather than subduing them, and so far the SEC has failed to regulate the crypto industry.

Overall, there is no specific regulation for cryptocurrencies and no agency to take over cryptocurrencies, and I think the legal framework will soon be formed under Trump. That's why I believe crypto will grow under Trump but there will be more regulation under him.

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Quote from: Ever-young on November 21, 2024, 03:33:23 PM

This is just as predicted, even as someone was arguing about how the law doesn't allow the commissioner to be removed or replaced by a president unless they have served their tenor completely.

This is politics; even if the law doesn't permit the president to directly remove Gensler, there are still other ways of forcing his hand to resign on his own for his own peace.

His resignation news just came earlier than expected. Let's see what the news will bring to the market, or can we already tag it to be part of the factor pushing bitcoin to the $100k level already?

He hasn't left his post yet, and Bitcoin has almost reached the $100k mark. A little more and we will see this value. It may even happen today. At the moment, the price is around $99,460. For me, of course, this was a surprise. I was considering such a price only next year, and then such an event. Yes, Trump has significantly improved the picture in the crypto world. People were able to earn so much money that it will last for many years.

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Quote from: OmegaStarScream on November 21, 2024, 01:33:42 PM

Thoughts on what to expect next as he's out of the picture? There were some talks that Trump is considering to assign Pro-crypto (Lawyer) Teresa Goody to lead the SEC.

Together with that news is about the potential making of Bitcoin Reserve. I've just read it or it was just made by someone who's very optimistic of the upcoming administration of Trump. Well, goodbye Gary, see you soon and I hope that you enjoy your retirement if you are up for retirement.

Quote from: hugeblack on November 22, 2024, 01:52:12 AM

I remember Gary Gensler Voted to Approve Bitcoin ETFs and without his 3 out of 5 votes it would not have been approved:

And this is why we should wish him a well resignation and do good in his life. I hope that whoever replaces him won't be as bad as he was and more of an actual crypto/Bitcoin person.

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So he doesn't waited until inauguration day.

SEC Chair Gensler Says He’ll Resign on Inauguration Day

With this news, the market is bound to get even more bullish, and hitting $100k could actually happen today. Honestly, it feels inevitable at this point, it’s just a matter of when. But let’s focus on the potential replacements, especially since these names are the ones that pop up when I search:

Quote

Paul Atkins
Hester Peirce
Brian Brooks
Dan Gallagher
Teresa Goody Guillén:

which one of them is likely to be name the next?

hugeblack

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I remember Gary Gensler Voted to Approve Bitcoin ETFs and without his 3 out of 5 votes it would not have been approved:

source ---> https://www.coindesk.com/markets/2024/01/11/gary-gensler-voted-to-approve-bitcoin-etfs-despite-public-criticism/

Patricia Lizarraga and Caroline Crenshaw are more hawkish than Gary Gensler

from official statement on the Approval of Spot Bitcoin Exchange-Traded Products, I quote:

Quote

We are now faced with a new set of filings similar to those we have disapproved in the past. Circumstances, however, have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP (the Grayscale Order).[1] The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.

https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023

Topic: JUST IN: Gary Gensler to step down as SEC Chair - page 2. (Read 641 times)