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With the terrain in the crypto ecosystem shifting, new paradigms are now being formed through victorious court battles by crypto industry players against the extant regulatory model of the United States Securities and Exchange Commission (SEC). Following the latest recorded victory over the commission by Grayscale Investments, renowned crypto advocate Anthony Scaramucci has taken to the X platform to ask for the resignation of SEC Chairman Gary Gensler.
Crypto proponents call out SEC chair
Besides the call from Scaramucci asking the SEC chair to resign his position, a number of crypto proponents have also intensified this call in the past years, as many believe the commission under Gensler can stifle innovation.
While the tone of cracking down on cryptocurrencies predates the Gensler era, since his ascension into office, the top regulator has notably upheld the firm stance that many industry leaders are calling a "regulation by enforcement" strategy.
Besides leaders in the crypto world, some lawmakers in the United States are also calling for the resignation of Gensler. To these lawmakers, the SEC chair is leading the commission as a self-sovereign regulator who has relegated the roles of Congress in its dealings with the crypto ecosystem.
While Scaramucci's call has been verbal, lawmakers have gone ahead to be more proactive, with a bill introduced that can pave the way for the reorganization of the SEC as a whole.
Seeking redress: Options
The bad blood between the SEC chair and crypto proponents is in part due to the sheer favoritism paid to crypto players who are relatively less known while relegating to the background those that are known.
Options to seek redress will be to actively engage industry stakeholders and, in a unifying way, chart a path forward for the industry to be truly compliant. The commission can start by righting its wrongs as relates to the unhinged demand for a spot Bitcoin ETF product in the country.
Arman Shirinyan
Alex Dovbnya
