Will Bitcoin Spot ETF become the final political legacy of Gary Gensler, the Chairman of the U.S. SEC? If he is really impeached, the next chairman of the SEC may take an opposing stance and become a friend to cryptocurrencies.
Summary:
As early as the last day of 2023, the “Stable Act of the U.S. Securities and Exchange Commission” aimed at dismissing SEC Chairman Gary Gensler, who has been notorious for his anti-crypto stance, has obtained the signatures of two congressmen and will enter the legislative process.
If this bill is formally passed, Gary Gensler, the enemy of cryptocurrencies, will be officially dismissed.
And the legislators who have promoted this legislative process are Warren Davidson and Tom Emmer, both of whom have been well-known in the crypto community for their “crypto-friendly positions.”
Warren Davidson stated that 2024 would be the best time to dismiss SEC Chairman Gary Gensler. He also suggested that the SEC be held accountable for its corrupt behavior and terminate the accredited investor rules that protect the financial elite.
Tom Emmer criticized Gensler’s regulatory measures, stating that they “stifled innovation in the world’s largest economy.”
The impeachment of Gary Gensler, the enemy of cryptocurrencies, undoubtedly brings joy to the crypto community. As the launch of the Bitcoin Spot ETF is just around the corner, the ETF might become Gary Gensler’s final political legacy.
The Chairman’s departure leaves a huge power vacuum in the SEC, and who will succeed Gensler is the most critical question.
According to the proposal, after removing Gary Gensler from the chairman position, the commission will be reorganized, and the chairmanship will be distributed to other commissioners. The formulation, execution, and investigation of all rules will be led by these six commissioners, with a term of six years. At the same time, an executive director position will be established to oversee daily operations. In addition, to prevent one party from controlling the SEC, no party can have more than three commission seats, and a structure similar to the Federal Election Commission (FEC) will be implemented.
Furthermore, a sixth commissioner and an executive director will be added to oversee daily operations, and the power to formulate, execute, and investigate rules will still belong to the commissioners.
The proposed reorganization aims to prevent one party from having more than three commission seats, thus protecting the U.S. capital market from potential political agendas.
This bill was introduced as early as June this year. U.S. Congressman Warren Davidson posted on Twitter stating that the “SEC Stability Act” had been officially submitted, calling for the restructuring of the U.S. SEC and the dismissal of its chairman, Gary Gensler. The bill received support from another U.S. Congressman, Tom Emmer.
Warren Davidson publicly stated, “The U.S. capital market must be protected from the tyranny of current chairman and its influence. The legislation is intended to address current abuses of power and ensure protective measures that align with the best interests of the market in the coming years. It is time for real reform and to dismiss Gary Gensler as SEC chairman.” The tweet received nearly 4 million views, 44,000 likes, and 16,000 retweets.
Tom Emmer explained when the bill was introduced that “U.S. investors and the industry should receive clear and consistent supervision, not political games.” Both congressmen agreed that Gensler has been abusing his power, which is hindering innovation in the United States.
In addition to Emmer and Davidson, there are numerous individuals who have contributed to and advanced crypto regulation. It is because of these people’s unwavering support that one day we may usher in a springtime of regulation, where cryptocurrencies can thrive under legal supervision, rather than years of litigation and forced settlements.
With the advancement of the Bitcoin Spot ETF, Gensler’s attitude towards crypto regulation has been changing.
In November of this year, Cathie Wood, CEO of ARK Invest, suggested in an interview with CNBC that Gary Gensler’s attitude towards ETFs may depend on his political ambitions. He stated that it is speculated that Gensler wants to be the U.S. Treasury Secretary, a position that requires a “strong focus on the U.S. dollar,” which to some extent has hindered the approval of the Bitcoin Spot ETF.
As time progressed to December, there have been signs of a change in Gensler’s stance. In mid-December, when asked if the SEC might soon take action on the pending Bitcoin Spot ETF applications, Gensler responded with silence instead of denial, indicating a shift from his previous stance.
During a speech at the Health Market Association conference, Gensler stated that he would not “prejudge” the matter. He previously referred to the SEC’s review process as a “time-tested process.”
In the middle and late December, Gensler once again stated that the SEC’s review of the Bitcoin Spot ETF applications had undergone a “fresh review” taking recent court rulings into consideration.
“In the past, we have rejected many of these applications, but the D.C. Circuit Court has expressed its opinion on this matter,” Gary Gensler said in an interview with CNBC on Thursday. “Therefore, based on these court rulings, we are conducting a new review.”
John Reed Stark, a U.S. SEC official, stated that approving the Bitcoin Spot ETF is likely to be a political legacy of Gary Gensler.
With Gensler’s position becoming increasingly precarious, this “crypto enemy” who has been fighting against the crypto world for years is likely to “take action” in the final moments.
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Tags:
Gary Gensler
SEC
SEC Chairman
Tom Emmer
Warren Davidson
Impeachment