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Home » Gary Gensler Stands High Chances Of Losing His Job In 2024: John Reed Speaks

Gary Gensler Stands High Chances Of Losing His Job In 2024: John Reed Speaks

Hania by Hania
August 15, 2023
in Bitcoin News
Reading Time: 2 mins read
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SEC Chair Gensler's Criticism Of The Crypto World
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Table Of Content:

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  • The Election Of A Republican President Could Ruin Gary Genslers Reign
  • The Views Of The Politicians On Crypto

John Reed thinks that circumstances in 2024 may force the SEC chair to step down from his position. Let us see the circumstances below.

The Election Of A Republican President Could Ruin Gary Genslers Reign

According to a post on X (formerly Twitter) on August 13th, Hester Peirce could easily replace Gensler in the event that the citizens of the United States opt for a Republican President.

In the upcoming presidential elections, the candidates contesting for the seat include Donald Trump, 45th president of the USA, Ron de Santis, Florida Governor and Tim Scott, South Carolina senator. Crypto’s mom or Hester Peirce could easily get Gary’s position if one of these candidates bags the win.

He emphasized how Peirce had led with dissent and opposition when it came to matters of the enforcement of laws regarding cryptocurrencies. Going further, he went ahead to say that there was an increased rate of polarization of regulation of cryptocurrencies in the SEC and U.S. politics.

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Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?

People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.

My take is that the current SEC will… pic.twitter.com/lPXebl03Y4

— John Reed Stark (@JohnReedStark) August 13, 2023

The Views Of The Politicians On Crypto

Most politicians were of the same opinion. Donald Trump went ahead and said that Bitcoin was valueless and he did not embrace it at all. Strangely, he held onto a large amount of Ether after he left the White House and this has sparked a lot of questions within the crypto community. Ron de Santis has vowed to guard and protect Bitcoin.

Gary Gensler Stands High Chances Of Losing His Job In 2024: John Reed Speaks

Read  more: Trump NFTs Are Back—This Time, Melania Trump Releases An NFT Collection For Foster Children

Elizabeth Warren, the Democratic Senator, has tried with all her might to trace and stop all activities regarding cryptocurrencies within the country. Reed feels that SEC will not approve the Bitcoin ETF applications unless all the politicians who have diverse views on crypto sit down and talk it out.

A Better Markets SEC Comment letter written on August 8th revealed that spot Bitcoin ETFs could easily render investors vulnerable to manipulation and theft. The contents read the spot Bitcoin ETFs had high trading volumes, were held majorly in the hands of a few actors and had a dependence on a small group of entities to maintain the Bitcoin network.

Also Read: Crypto ETF: Definition, How It Works, and How to Invest

Gary Gensler Stands High Chances Of Losing His Job In 2024 John Reed Speaks
Source: Better Markets

John continues to believe that the applications presented for Approval will not go through.

Tags: BLOCKCHAINcryptocrypto newsCryptocurrenciesgaryUS sec
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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