Now that incoming President Donald Trump is slowly assembling his transition team, one personality gets the spotlight: Gary Gensler of the Securities and Exchange Commission (SEC).
John Redd Stark, a former SEC attorney, is calling for chairman Gary Gensler to step down and prepare a summary of all crypto-related cases and investigations that the next head can use.
What’s Stark’s motive for calling on Gensler to step down? It’s a push to end the ongoing investigations and put a stop to his “aggressive crypto crackdown.”
Stark’s post is the latest in a series of statements aimed at Gensler, suggesting a soon-to-be organizational and policy change.
SEC Chair Gensler should resign. The SEC staff should prepare a spreadsheet of all crypto-related investigations, litigation and rule-making, so the new Chair can swiftly grind them all to a screeching halt. Like it or not, the people have spoken and their will must be respected. pic.twitter.com/2PzDsETJHk
— John Reed Stark (@JohnReedStark) November 13, 2024
Stark Says He’s Not Trolling Gary Gensler
Stark shared his thoughts on Gary Gensler and the ongoing crypto crackdown on Twitter/X on November 13th. He further stated that the people have spoken, and their will must be respected. Stark refers to the recently concluded US elections, in which Donald Trump, an advocate for Bitcoin and crypto, won convincingly.
When Fox Reporter Eleanor Terrett asked Stark if he was trolling, Stark disagreed, saying he was too old for trolling and later admitting that he didn’t even understand the term.
Nah — I’m too old for trolling (and I don’t really know what “trolling” is anyway Eleanor). But I do know that the people have spoken and should be respected. The SEC’s crypto-enforcement wave (which has been extraordinarily successful in the Courts) should stop — and the SEC…
— John Reed Stark (@JohnReedStark) November 13, 2024
In the same thread, Stark explained that the voters have spoken and sent a strong message supporting the crypto industry. As such, the Gensler-led crypto crackdown must stop now, and we should leave these inquiries to the proper agencies, he said.
As of today, the market cap of cryptocurrencies stood at $2.9 trillion. Chart: TradingView
There’s No Grey Area For Crypto, Stark Says
According to Stark, crypto has no grey area: it’s either a security or not. He further added that it’s counter-intuitive to find the balance between the conflicting rules of the Securities Act of 1933 and 1934.
Stark predicted that there will be a moratorium on cryptocurrency regulation soon, perhaps through a study of a task force. With the convincing results of the elections favoring the Republican Trump, Stark believes that Gensler’s best move is to respect the decision and move on.
Source: TechStory
An Overhaul And Expected Policy Changes On SEC Soon
Coming off a convincing victory, incoming President Donald Trump is currently filling positions for the transition team. As expected, Trump is reportedly looking for a possible replacement for Gary Gensler.
Dan Gallagher, the Chief Legal Officer of Robinhood, is one of the top candidates for the post. A former SEC Commissioner, Gallagher has criticized Gensler’s enforcement-driven approach to regulation.
He added that Gensler’s campaign prevents innovation and damages the country’s standing in the digital asset industry.
Paul Atkins, who was part of Trump’s team in 2016, is another candidate. He currently heads Patomak Global Partners and is co-chairman of the Token Alliance. Like Gallagher, Atkins called out Gensler for his strict regulation.
Finally, SEC Commissioner Mark Uyeda called Gensler’s approach a “disaster” for the industry.
Featured image from Win McNamee/Getty Images, chart from TradingView