Gary Gensler once again faced huge criticism from the US Senators for the bad approach of crypto-related legal battles & regulatory efforts.
Gary Gensler is the chairman of the United States Securities and Exchange Commission (SEC) since 2021. In the past Gensler worked at multiple government positions. Before the SEC tenure, he was professor of Practice of Global Economics and Management at the MIT Sloan School of Management.
Under Gensler’s leadership, the SEC body tried to regulate the crypto sector forcibly under the traditional securities laws, which do not apply to cryptocurrencies. However Gensler did a very good job of catching the bad actors involved in crypto-related activities but unfortunately, he intentionally tried to fight against those crypto companies which were doing their crypto business under all possible compliance with the traditional financial rules.
In the latest, a group of U.S. senators criticised Gensler for his bad crypto regulatory approach & legal battle against crypto companies.
The Senators on the Senate Banking Committee, including J.D. Vance (R-Ohio) and Cynthia Lummis (R-Wyo.), explained through a written letter that under the leadership of Gensler the SEC body misrepresented the case in a lawsuit against the blockchain project DEBT Box.
The SEC’s lawyers are accused of misrepresenting evidence in court to freeze DEBT Box’s assets unlawfully. Through the letter, Senators raised questions over the integrity of the SEC’s other enforcement actions.
The Senators called Gensler’s leadership wrong & also called SEC’s crypto sector regulatory approach unethical and unprofessional.
Ripple vs SEC
As we know, San Francisco’s headquartered blockchain firm Ripple has been under a legal battle against the SEC body since Dec 2020.
The SEC body misused its power & authority to extend the case and tried to force Ripple to admit all the charges but Ripple representative lawyers chose to fight & still, they are confidentially fighting against all the charges on behalf of evidence & proof.
So far in this battle, Ripple stands with a partial win against the SEC’s charges and there is a huge possibility that the SEC will lose the whole case, but it will be a matter of time.
Read also: Crypto whales target Ethereum (ETH) investment, as Ethereum devs announced “Dencun upgrade date”