U.S. Securities and Exchange Commission Chair Gary Gensler will reportedly most likely resign before his term is over. Fox Business reporter Eleanor Terret says that President-Elect Donald Trump’s pick for a new SEC Chair is still unknown, but that Gensler will probably step down before the January inauguration rather than allow his term run til […]
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Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.
Chris Giancarlo, the former Commodity Futures Trading Commission Chair, has squashed rumors that he’s in the mix to take over Gary Gensler as head of the Securities and Exchange Commission.
“I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess [at the CFTC] and don’t want to have [to] do it again,” Giancarlo, widely known as “Crypto Dad,” said in a Nov. 14 X post.
Giancarlo was a CFTC commissioner between June 2014 and April 2019, joining a few months after Gensler left his over four-and-a-half-year tenure as chair of the agency in January 2014. Giancarlo was later appointed as the CFTC’s Acting Chair from January to August 2017.
Three GOP lawmakers asked SEC Chair Gary Gensler to turn over information on his agency’s hiring process, claiming they had found evidence of a political ideology-driven hire.
United States House Republicans have probed Securities and Exchange Commission Chair Gary Gensler, saying his agency could be hiring based on political affiliation, violating federal law.
In a Sept. 10 letter to Gensler — a Democrat — GOP lawmakers Jim Jordan, Patrick McHenry and James Comer accused the agency of hiring “individuals from left-leaning organizations to fill senior roles at the SEC.”
They claimed email correspondence made public in an SEC rulemaking comment may show that Gensler’s decision to hire the agency’s director of trading and markets, Dr Haoxiang Zhu, was “influenced by his political affiliation.”
Coinbase initially demanded a subpoena into Gary Gensler’s private communications before his time as SEC Chair but has changed tactics in its latest letter to the judge.
Crypto exchange Coinbase has shifted tactics amid its effort to subpoena the United States Securities and Exchange Commission Chair Gary Gensler — and is now seeking his private communications only while serving as Chair.
Coinbase’s lawyers initially argued that access to Gensler’s private chats — both before and during his tenure as SEC Chair — was an “appropriate source of discovery” to mount their defense in the securities regulator’s lawsuit against them.
But a July 15 filing states Coinbase is now going to seek access to Gensler’s communications during his time as SEC Chair after Judge Katherine Polk Failla showed a reluctance to accept Coinbase’s request last week:
The U.S. Securities and Exchange Commission (SEC) has asked the court to quash a subpoena issued by crypto exchange Coinbase that demands documents related to the crypto markets and personal communications of SEC Chair Gary Gensler. The SEC argues that the subpoena is irrelevant and imposes undue burden. SEC Seeks to Quash Coinbase Subpoena in […]
Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that the U.S. Treasury defaulting on its debt obligations “would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike.” Gensler stressed: “We’ve already seen an effect in the pricing and liquidity of short-dated Treasury bills and continue to […]
A U.S. lawmaker has announced that he is introducing legislation to remove the Securities and Exchange Commission (SEC) chairman in order to “correct a long series of abuses.” The SEC, under Chair Gary Gensler, has been heavily criticized for its enforcement-centric approach to regulating the crypto industry. Lawmaker Seeks to Remove SEC’s Chairman U.S. Congressman […]
According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, the securities regulator insists that a few crypto asset tokens were offered and sold as investment contracts and are securities. The news follows the SEC’s designation of several crypto assets as securities, including the case against Terraform Labs, which insists […]
The U.S. Securities and Exchange Commission chair called crypto "the Wild West" and urged troops not to “get caught up in the FOMO.”
United States Securities and Exchange Commission (SEC) chair Gary Gensler has found a new audience for his crypto-skeptical pep talks — the United States Army.
On Jan. 11 the U.S. Army hosted its first Twitter Space of 2023 with Gensler and SEC commissioner Caroline Crenshaw joining the discussion to provide financial advice on how and where U.S. soldiers should invest their money.
— U.S. Army (@USArmy) January 11, 2023
Sergeant Lawrence Holmes noted “there are soldiers that look for those alternative investments [such as] crypto assets” asking the pair what risks there were to crypto investing.
“It’s the Wild West,” Gensler answered, adding that “most of these 10,000 or 15,000 tokens will fail.”
“History tells us there's not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe has the euro and the like.”
He urged soldiers not to “get caught up in the FOMO — the fear of missing out” saying cryptocurrencies are “highly speculative” and “non-compliant.”
“Most of these are not complying with the securities laws, but they should be.”
Gensler further advised that if the G.I.’s see a yield that’s “too good to be true — it probably is” regardless of whether it’s crypto-based or not.
Crenshaw added to Gensler’s comments saying cryptocurrencies are “noted for their scams” and stated:
“They claim to be transparent, what’s on the blockchain is transparent but the rest of what’s there is not transparent and I think there have been some examples of that recently.”
She said those considering a crypto investment should give “careful, careful consideration” to the percentage of their portfolio they devote to digital assets.
Related: Defying expectations: After an uncertain year, DeFi has high hopes for 2023
As for the SEC’s advice on where U.S. Army personnel should place their dollars, Crenshaw told troops to invest “as much as possible” in a Thrift Savings Plan (TSP) — a government-sponsored retirement plan for federal employees and service members.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has stressed the importance of bringing “intermediaries and issuers of crypto securities” into compliance. In addition, the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC) has recommended that regulatory agencies continue to “enforce existing rules and regulations applicable to the crypto-asset ecosystem.” SEC […]