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🥁 Lawmakers Call to Fire Gary Gensler

Restructuring the SEC, more million dollar hacks, asset delistings, and more!

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BEN Beats
June 14, 2023

Read time: 4 minutes

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🥁 Lawmakers Call to Fire Gary Gensler

The SEC is bringing lawsuits against both Binance and Coinbase, arguing that both exchanges have been facilitating the trading of unlicensed securities since 2019, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO.

Whew, that’s a long list, but it doesn’t stop there. Binance’s and Coinbase’s staking programs are also being called securities offerings because they promise returns based on active management from their respective companies.

Brian Armstrong from Coinbase has responded, outlining just how confusing the correspondence from the SEC has been. Their aim is to get some clarify around crypto rules.

Gary Gensler, chairman of the SEC, made a bizarre statement, saying, “We don’t need more digital currency, we have digital currency. It’s called the US dollar. It’s called the Euro. It’s called the Yen. They’re all digital right now."

Gary doesn’t seem to understand how blockchain makes “digital” currencies open and transparent. He should, considering that he called Algorand a “great technology” in the past. He also allegedly wanted to be an advisor to Binance, so he was clearly in support of crypto at one point.

Times change, and Gary flip flops repeatedly, being unable to answer simple questions like whether or not Ethereum is a security.

Some US lawmakers have had enough. The “SEC Stabilization Act” was filed on Jun 12th to fire Gary Gensler from the SEC.

The Act, co-authored by Congressman Warren Davidson and House Majority Whip (the third-highest ranking person in the majority party) Tom Emmer, calls to eliminate the role of the chairperson, replacing it with six commissioners and an executive director, and disallowing any political party from controlling more than three seats on the commission.

“U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Warren Davidson wrote.

We don’t know if the bill will pass into law yet, but SEC has more messes on its hands. The SEC is asking for more time to respond to Coinbase’s call for crypto clarity. Meanwhile, Ripple is calling for investigation into a former SEC official after some new documents released.

We’ll keep you informed on how the story unfolds!

Meme Break 😌

Trending News 🗞️

  1. Robinhood drops ADA, MATIC, and SOL after the SEC news. Ironic for a company named after a fearless outlaw.

  2. North Korea’s Lazarus Group reemerges with new $100 million crypto hack. An update on the Atomic Wallet hack from last week.

  3. Lens raises $15 million in a seed round. Can decentralized social networks be the next big narrative?

  4. Hacker exploits Sturdy Finance, drains $800,000 from the lending protocol. Not so sturdy after all.

  5. Tether CTO clarifies $1B USDT mint on Ethereum is for chain swaps. So the total supply of Tether is not increasing.

  6. AWS went down in the US, but Ethereum kept humming. 64.5% of the Ethereum network is reliant on Amazon hosting providers.

  7. Uniswap released the draft code for V4. They made the code public for the community give feedback before the public launch.

  8. Bahamas court boosts Sam Bankman-Fried’s challenge to post-extradition charges. This could impact his upcoming trial in October.

  9. ApeCoin DAO pays its employees up to $75,000 a month. those are some fat paychecks; talk about living the dream!

  10. AI Gensyn lands $43M funding round led by a16z. here is what happens when you merge AI with Blockchain.

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