Retail Investors Signing Petition Seeking to Oust Gary Gensler as SEC Chair

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Should the fate of Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) lie in the hands of crypto investors, then his days in office may be numbered.

This is because as many as 18,873 individuals have signed a petition sponsored by ‘AI from Boston’ seeking to oust him from office for his part played in the obstruction of justice with respect to the activities of Citadel Securities.

According to the petition summary, Gary Gensler has not made any enforcement moves despite the fact that Citadel is renowned for unwholesome activities as a market maker.

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“SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool abuse. Mr. Gensler is guilty of obstruction of justice due to his lack of enforcement of the laws pertaining to naked short selling and lack of competent oversight of market maker activities. Due to Mr. Gensler’s crimes, millions of retail investors were defrauded of countless MILLIONS of dollars,” the message following the petition hosted on Change.org reads.

While none of these assumptions have been proven to be true by any court in the United States, the number of signees seems to prove less of a leader Gensler is to the masses. The petition maintains a limited demand which involves forcing him “to step down as the chairman, and a thorough, detailed, forensic analysis and investigation into Citadel Securities and Citadel Market Maker.”

Gensler and the Crypto World

Despite his previous experience as an MIT professor that gave lectures on Blockchain technology, Gary Gensler is still largely considered by many as not so vast when it comes to the modalities for regulating the digital currency ecosystem.

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Gensler inherited the lawsuit with blockchain payments firm, Ripple Labs Inc from his predecessor Jay Clayton as both entities have been slugging it out, with a premium placed on proving whether the XRP coin is a security or not.

While this subject is highly polarizing, Grayscale Investments has also sued the Gensler-led commission in court for refusing to grant its application to convert its Grayscale Bitcoin Trust (GBTC) product to a full-fledged Bitcoin Exchange Traded Fund (ETF) product.

The Grayscale lawsuit is hinged on the fact that the watchdog has approved ETFs tied to Bitcoin futures, a move that still lends credence to the confusion crypto innovators are having during this era in the SEC’s history.

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