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U.S. Senate candidate John Deaton has called for the resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. “Under Gensler, the SEC has forgotten, or intentionally abandoned, its primary mission in protecting innocent investors,” he stressed.
John Deaton, a U.S. Senate candidate running against incumbent U.S. Senator Elizabeth Warren, took to social media platform X on Tuesday to call for the resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. He wrote:
As a private citizen and as a candidate for U.S. Senate in Massachusetts, I’m calling for the resignation of SEC Chairman Gary Gensler. Under Gensler, the SEC has forgotten, or intentionally abandoned, its primary mission in protecting innocent investors.
He explained that “the SEC’s impact on people’s lives has increased significantly and thus, its independence from partisan politics is even more crucial today.” However, he stressed: “During the last several years, under Gensler’s leadership, federal courts have consistently been calling out the SEC’s misconduct. What has transpired, is simply unprecedented.” He cited the Ripple lawsuit concerning XRP and the prolonged denial of spot bitcoin exchange-traded funds (ETFs) as examples.
After the SEC lost several battles in court against crypto firms, Deaton noted: “After these back to back embarrassments to the SEC, one would think the leadership at the SEC would become concerned and reevaluate its strategy or approach. Yet, the misconduct under Gensler not only went unabated, it worsened.”
He further detailed that last week, a federal judge imposed sanctions against the SEC and its lawyers “for repeatedly and intentionally lying and misleading a federal court.” He also mentioned that the SEC is seeking $2 billion from Ripple “Because the SEC is on an anti-crypto agenda.” Moreover, he said last year, the SEC “forced a small company out of New Hampshire, LBRY out of business,” noting that the case “also involved no fraud whatsoever.”
Deaton emphasized:
Gary Gensler, as chairman, has abandoned that independence and instead, serves his and other’s political agenda.
“For over three years, I’ve been calling for smart and tailored regulation within the crypto markets, and have supported aggressive prosecution of the fraud that has existed within the cryptocurrency industry. Yet, the SEC has failed to protect investors from the fraudsters,” Deaton opined.
The U.S. Senate candidate is not alone in calling for Gensler’s removal. There is currently a bill in Congress seeking to remove him as the chairman of the SEC.
