Citadel Securities & Citadel Market Maker has accused Gary Gensler, chairperson of the U.S. Securities and Exchange Commission (SEC), of market manipulation. As a result, Gensler is facing heavy criticism. Recently, Gensler propelled cryptocurrency trading platforms to get registered with the Wall Street regulator.
A Change.org petition is started against the SEC chair. Gensler is alleged of shorting crypto-focused stocks such as GameStop and AMC Theatres through BlackRock and Vanguard Group.
Coinbase, one of the largest cryptocurrency exchanges, recently charged to court by the SEC, is rumoured to have evidence that Gensler placed substantial short positions in Bitcoin (BTC), amounting to over $2.5 million, barely 48 hours ago.
Coinbase, a well-established and reliable player in the cryptocurrency industry, claims to possess tangible proof that shows Gary Gensler’s participation in alleged market manipulation.
Although the specifics of this information have not been made public yet, the evidence is believed to be solid enough to warrant serious examination and further research.
The potential consequences of these claims extend beyond Gary Gensler’s career. They could also threaten the credibility of the SEC, the primary regulatory organization for financial and securities markets in the United States.
The partition demands Gary Gensler, the SEC chairman, to present his resignation. The reason it says is that he failed to protect retail investors from fraud due to “naked short selling and dark pool abuse” by Citadel Securities & Citadel Market Maker.
Gensler said in a video published earlier that he has told the SEC’s staff to perform collaboration with crypto exchanges ensuring that they are regulated like securities exchanges. As Chairperson of the SEC, Gensler is responsible for ensuring fair and transparent markets. This makes the allegations particularly concerning.
However, it is important to keep in mind that these are only allegations at this point; thus, it is crucial to maintain the presumption of innocence until the charges can be substantiated or refuted.
Since the reputation of those individuals involved, as well as the concerned institutions isare at stake, it is very important that a fair and impartial investigation be done.
According to a source named Capo WSB, this is not the first time that Gary Gensler has been accused of influencing the markets by using information that is not publicly available.
Multiple reports from August 2022 demonstrate instances where he allegedly engaged in market manipulation similar to those described earlier.
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