Journalist confirms Gary Gensler is resigning from SEC following an internal investigation KossyDerrickBlog KossyDerrickEnt

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Sunday, July 2, 2023

Journalist confirms Gary Gensler is resigning from SEC following an internal investigation

Information reaching Kossyderrickent has it that Gary Gensler is resigning from SEC following an internal investigation. 

Taking to social media, a bitcoin journalist, shared the information to his followers on Twitter. 

Information reads: "SEC SOURCES CONFIRM GARY 
GENSLER IS RESIGNING FROM
SEC FOLLOWING AN INTERNAL 
INVESTIGATION."

SEC chairman Gary Gensler is in the limelight due to his aggressive enforcement drive against some of the major market players in the crypto industry.

In an unexpected turn of events, Citadel Securities and Citadel Market Maker have charged Gensler with manipulating the markets by engaging in short sales of equities with a connection to cryptocurrencies, notably AMC Theatres and GameStop.

According to the allegations, the trades allegedly took place through the Vanguard Group and BlackRock, two venerable financial institutions.

The group also accuses Gensler of abusing his regulatory power by imposing excessive and arbitrary rules on crypto-related businesses and activities, stifling innovation and growth in the sector. The group has filed a lawsuit against Gensler in a federal court, seeking damages and an injunction to stop him from further interfering with the crypto market.

The group claims that Gensler has been using his position and influence to spread false and misleading information about digital assets, such as Bitcoin and Ethereum, in order to drive down their prices and benefit his own interests. The group alleges that Gensler has a conflict of interest, as he is a former partner of Goldman Sachs, a major player in the traditional financial system that competes with cryptocurrencies. 

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