XRP Lawsuit Interview: SEC Gary Gensler’s Silence Draws Fire

Gary Gensler is perhaps the most controversial and manipulative chair of the SEC till date. But these aren’t our words – the public has spoken… multiple times over!

Like him or hate him, one thing is clear – you cannot ignore his presence and hawkish crypto approach. In this article, we delve into the reasons behind his surprising move to freeze the XRP lawsuit, which marks a significant development in the SEC’s crypto journey.

Controversial Gensler

Gary Gensler, the current SEC Chair, has found himself at the center of a storm of criticism regarding his approach to cryptocurrency regulations. In a recent interview, Gensler initially emphasized his cautious outlook on the crypto industry, highlighting its propensity to operate outside the confines of the law.

However, when questioned about recent courtroom defeats involving Ripple and Grayscale, Gensler’s response was met with an uncomfortable silence, revealing his acknowledgment of these setbacks.

Read More: #FireGaryGensler is Trending! U.S. Rep Davidson Takes Action Against SEC Chairman

Grayscale Win was Massive

A recent ruling in the Grayscale lawsuit has paved the way for the conversion of Grayscale Bitcoin Trust (GBTC) into a traditional Bitcoin ETF. This development could accelerate decisions on similar applications from industry giants such as Blackrock, Fidelity, and Bitwise. Gensler had previously mentioned the SEC’s pending decision on the Grayscale court order during a Congressional hearing.

Moreover, Gensler’s fate at the SEC hinges on the outcome of the forthcoming motion involving Coinbase in October, making it a pivotal moment in the modern crypto era.

Gensler’s Role is Detrimental 

Regarding the Ripple lawsuit, Gensler clarified that such decisions are joint efforts by the Commission, which is a low down on his anti-crypto stance. In a Congressional hearing, he stresses that decisions on spot Bitcoin ETFs would involve input from all SEC Commissioners. On the flip side, this signifies a shift towards a more collaborative approach in addressing crypto-related complex legal matters.

Is this an attempt to reject the pending ETF applications? Gary’s role is creating FUD in the market with investors feeling panic and potentially causing a situation of future liquidation. 

Crypto Community Lashes Out

Representative Bill Huizenga expressed his dissatisfaction with Gary Gensler’s cryptocurrency stance in a tweet dated September 12. Huizenga believes that Gensler is excessively imposing rules (a staggering 60 in just 27 months) in a bid to transform capital markets, all under the guise of protecting consumers. According to Huizenga, the SEC, under Gensler’s leadership, is attempting to exert unwarranted control over people’s lives.

Scottmelker compared his role with Joe Biden and other dignitaries whose sole aim is to crush crypto. 

Also Read: Crypto vs. SEC: Gary Gensler Vows to Stick to Tough Crypto Rules in Senate Hearing?

It’s evident that Gary Gensler’s tenure as SEC Chair has been marked by significant scrutiny and controversy, especially concerning his approach to cryptocurrency. What’s next? We couldn’t tell you even if we wanted to.