Will the current chairman of the US SEC be replaced soon? Apparently, he has a close relationship with this woman.

Will the US SEC chairman be replaced soon? He has a close relationship with a woman.

Author: BlockingJason.

Blocking Blockchain 6 18th News After the U.S. Securities and Exchange Commission launched a lawsuit against Binance and Coinbase, it caused great dissatisfaction in the crypto community. Crypto KOL @whalechart disclosed rumors on social media that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, will soon be replaced. It is worth mentioning that the New York Post recently reported that Gary Gensler has been maintaining close ties with anti-crypto female Senator Elizabeth Warren.

Gary Gensler has been a long-term donor to the Democratic Party and served as Hillary Clinton’s chief financial officer during the 2016 presidential campaign. Elizabeth Warren is a Massachusetts Democrat. In fact, since April 2021, Gary Gensler has been coordinating with her to crack down on cryptocurrencies.

• Waterdrip Capital: Exploring NFTFi Leasing for New Breakthroughs in NFT Liquidity
• DeFi protocol Concordia raises $4 million in funding, co-led by Tribe Capital and Kraken Ventures
• Tether responds to FUD rumors: no intention to engage in time-consuming and fruitless US litigation

65-year-old Gary Gensler has been donating to Democratic candidates for decades and supported Elizabeth Warren’s bid for the presidency in the 2020 Democratic primaries, donating $2,800 to the senator’s campaign fund—the highest amount an individual could donate at the time.

According to Politico, Gary Gensler was a top strategist for Hillary Clinton’s first presidential campaign in 2008 and later served in her 2016 campaign. He also served as a middleman between Hillary Clinton and Elizabeth Warren and even earned the nickname “Elizabeth Warren’s ear.”

Gary Gensler and Elizabeth Warren both target cryptocurrency exchanges, calling them a “wild west” for investors. Elizabeth Warren also proposed legislation to help Gary Gensler strengthen the Securities and Exchange Commission’s regulatory power. It is absurd that Elizabeth Warren’s reason for asking for more power for the SEC is far-fetched. In addition to stopping “money laundering, theft, and fraud schemes,” she also believes it will help address climate change.

Elizabeth Warren once said on social media, “Bitcoin requires so much computing activity that it consumes more energy than entire countries.” “One of the simplest and least disruptive things we can do to address the climate crisis is to crack down on cryptocurrencies that waste so much energy and produce so little value for anyone else.”

Although Elizabeth Warren is a Democrat, her anti-encryption stance has won some Republican support. Last year, she and Republican Senator Roger Marshall proposed the Digital Asset Anti-Money Laundering Act, which suggested that the legislation would prevent funds from flowing to terrorists, but digital asset advocates said the legislation “effectively bans cryptocurrencies under the guise of combating money laundering” and presents “unconstitutional attacks” on cryptocurrency users.

In fact, many Republicans have expressed dissatisfaction with Gary Gensler and have proposed to impeach him, claiming that Gary Gensler has abused his power as chairman of the U.S. Securities and Exchange Commission. Tom Emmer, the House Republican Whip, bluntly stated in a legislative statement, “American investors and the industry should receive clear and consistent oversight, not political games.”

Gary Gensler’s term began in June 2021 when William Duhnke, the chairman of the Public Company Accounting Oversight Board, was impeached. Earlier, Elizabeth Warren and another senator, Bernie Sanders, had called on Gary Gensler to replace William Duhnke. Interestingly, the year after William Duhnke was impeached, the Public Company Accounting Oversight Board announced that it would adjust its regulatory direction and prioritize audits of all digital assets, citing concerns about fraud. It is reported that the reason why the Public Company Accounting Oversight Board did this is also due to Elizabeth Warren’s operation, because Elizabeth Warren wrote to the agency, claiming that they did not exercise their power to audit cryptocurrencies well during the FTX collapse in November 2022.

On June 5, 2023, Gary Gensler’s U.S. Securities and Exchange Commission sued Binance, the world’s largest cryptocurrency exchange, and filed a lawsuit against Coinbase, the largest cryptocurrency exchange in the United States, the following day, accusing the two exchanges of illegal behavior such as improper registration. And the person who requested the U.S. Department of Justice to investigate Binance for allegedly lying to Congress was Elizabeth Warren, as well as another Democratic senator, Chris Van Hollen. (It should be noted that the Securities and Exchange Commission’s lawsuit against Binance is only a civil lawsuit, and if the Department of Justice files a lawsuit, it is likely to be a criminal lawsuit.)

As of now, a spokesperson for the US Securities and Exchange Commission has declined to comment on the close relationship between Gary Gensler and Elizabeth Warren, and a spokesperson for Elizabeth Warren has also not responded to requests for comment.

Some content in this article is compiled from the New York Post.

https://nypost.com/2023/06/12/sec-chair-close-with-anti-crypto-sen-elizabeth-warren/

We will continue to update Blocking; if you have any questions or suggestions, please contact us!