Critics Question Gary Gensler Ahead of Congressional Testimony

Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (
SEC
), faces intensified criticism from the
cryptocurrency
community as he prepares to testify before the House Financial Services Committee. Over recent years, Gensler has been a focal point of discontent among cryptocurrency users, questioning his regulatory stance and leadership, especially after growing scrutiny from lawmakers earlier this year.
Contents
Calls for Gensler’s Resignation Intensify
Political Pressures Escalate
Gensler Will Face Accountability
Calls for Gensler’s Resignation Intensify
After announcing his upcoming Congressional speech on social media platform X, Gensler was met with backlash from crypto enthusiasts.
NFT
collector Medic Matt described Gensler’s appearance as “a great opportunity to resign,” while many users argued for a more competent successor to lead the SEC. Crypto researcher Anderson claimed Gensler would evade questions, leading to mere time wastage.


Anderson referred to Gensler’s failure to answer questions regarding Ethereum


$
2,642
‘s classification as a security or commodity during a 2023 hearing. Crypto YouTuber James Rule questioned whether Senator Elizabeth Warren had prepared Gensler’s speech, recalling allegations that they collaborated to undermine the cryptocurrency industry.
Political Pressures Escalate
Crypto investor and developer Leon Gaban argued for the SEC’s closure, urging Gensler to resign now or face termination later. It is noteworthy that Republican presidential candidate Donald Trump pledged to remove Gensler on his first day in office if elected. Another user pointed out that Gensler wouldn’t face such severe criticism if the SEC had not filed a lawsuit against Ripple


$
0.589884
.
The SEC had sued Ripple in 2020 for allegedly selling unregistered securities, leading to a prolonged legal battle that recently concluded with a $125 million penalty. While this penalty is a significant loss for Ripple, many experts consider the SEC to have lost the case, having originally sought a $2 billion fine.
Crypto analyst Jonathan Morgan reminded Gensler that Democratic allies can no longer target the cryptocurrency industry since more Republican politicians are supporting it. He stated, “They will discard you for the war you’ve waged against crypto because politically, it’s more advantageous.”
Gensler Will Face Accountability
Republican Representative Tom Emmer expressed eagerness to hold Gensler accountable following the announcement of his testimony schedule, using the hashtag #FireGaryGensler. Emmer, alongside Representative Patrick McHenry, previously urged Gensler to provide regulatory clarity on AirDrops.
Emmer and McHenry criticized Gensler’s approach during his SEC chairmanship, claiming it prevents Americans from shaping the next phase of the internet, which adversely affects voters. Gensler is set to testify before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday following his House appearance.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.