The post Former SEC attorney John Reed Stark tells Chair Gary Gensler to resign appeared on BitcoinEthereumNews.com.

Former SEC attorney John Reed Stark is calling for SEC Chair Gary Gensler’s resignation, and he wants SEC staff to prep a full list of crypto-related investigations, lawsuits, and regulatory moves for the new chair. Why? So they can kill Gensler’s crypto crackdown without missing a beat. “Like it or not, the people have spoken, and their will must be respected,” Stark said. Fox Business reporter Eleanor Terrett responded to Stark’s post, wondering if he was “trolling.” Stark said, “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 should instead refer crypto-matters out to other law enforcement and regulatory agencies.” And in his view, there’s no middle ground—crypto is either treated as a security under the ’33 Act, or it’s not, according to the ’34 Act. Trying to balance these conflicting rules? Not going to fly. Stark went further, predicting an “SEC pause” on crypto regulation soon—maybe through a special task force or study. Given the election results, Stark thinks it’s only fair that Gensler respects what he’s calling a “landslide victory” for Big Crypto. Trump’s plan to overhaul the SEC Gary Gensler might want to hold on tight because Donald Trump’s camp is already scouting replacements, as promised. While Gensler’s term technically runs until 2026, Trump pledged to fire Gensler “on Day One” if he returns to office. One of the frontrunners to take Gensler’s place is Dan Gallagher, a former SEC commissioner who’s now the Chief Legal Officer at Robinhood. Gallagher hasn’t exactly been subtle about his feelings on Gensler’s approach, which he describes as “enforcement-driven.” In a September…

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Filed under: News - @ November 13, 2024 9:17 pm