Former SEC Enforcement Chief Wants Gary Gensler Step Down and Crypto Cases End
Former chief of the U.S. Securities and Exchange Commission (SEC) Office of Internet Enforcement, John Reed Stark, has significantly shifted his stance on the agency’s cryptocurrency policies. Once a staunch defender of strict regulatory oversight, Stark now calls for SEC Chair Gary Gensler to resign and for the agency to halt its crypto-related actions.
In a series of posts on social media platform X, Stark tied his demands to the political shift following Donald Trump’s election victory. He wrote on Nov. 13:
SEC Chair Gensler should resign. The SEC staff should prepare a spreadsheet of all crypto-related investigations, litigation, and rule-making, so the new chair can swiftly grind them all to a screeching halt. Like it or not, the people have spoken and their will must be respected.
In a Nov. 10 post on X, Stark doubled down on his call for change, emphasizing the need for the SEC to respect the election results: “The stark reality is that the people have spoken and the SEC should stop all crypto-enforcement, dismiss/settle all ongoing crypto-litigation, and Chair Gensler should resign. President Trump’s victory was a mammoth landslide and it should be respected. To the moon I guess…”
Addressing the recent resignation of Gurbir S. Grewal, Director of the U.S. Securities and Exchange Commission (SEC)’s Division of Enforcement, Stark dismissed rumors of foul play while reiterating his call for a reevaluation of the agency’s crypto policies: “Definitely the right decision though. The people have spoken and the SEC should stop their crypto enforcement efforts, take some time to study the digital asset industry, and dismiss or settle a lot of the current crypto litigation,” Stark reiterated.
This shift in rhetoric marks a significant change for Stark, who previously warned of aggressive SEC enforcement against the cryptocurrency sector. His earlier stance, which included cautioning about a “regulatory onslaught” and supporting actions against crypto firms, contrasts sharply with his current appeal for a pause on crypto-related litigation.
Gensler recently made a statement fueling speculation about his potential resignation. Many believe he may step down before President-elect Donald Trump takes office, as Trump has stated he would fire Gensler on his first day in office. Trump has criticized Gensler’s strict enforcement of cryptocurrency regulations and has pledged to make the U.S. a global hub for cryptocurrency, even suggesting adopting bitcoin as a national reserve.
Source:news.bitcoin.com
