Anthony Scaramucci publicly requested Gary Gensler’s resignation, citing his mounting apprehensions regarding the SEC’s cryptocurrency regulatory strategy.
Anthony Scaramucci, the proprietor of SkyBridge Capital and a prominent cryptocurrency advocate, has publicly stated that SEC Chair Gary Gensler should resign.
Scaramucci plainly stated in a tweet on Thursday, “Gary Gensler, please resign for the sake of the country.”
Gensler’s regulatory strategy for digital assets has been the subject of increasing criticism from the cryptocurrency community and influential figures.
Scaramucci’s remark seems to be indicative of an increasing dissatisfaction with the SEC’s “regulation through litigation” strategy under Gensler’s leadership.
In a separate tweet, billionaire investor Mark Cuban reiterated this sentiment, stating, “I spoke with the Harris team today, and they informed me in no ambiguous terms that they are opposed to ‘regulation through litigation.’ CYA Gensler. Your departure contributes one point to GDP growth.”
Cuban’s censure is consistent with his previous statements in response to Gensler’s heated exchange with Rep. Ritchie Torres (D-N.Y.) at a House Financial Services Committee hearing.
Mark Cuban has been vocal in his disapproval of Gensler’s administration of cryptocurrency regulation, particularly in light of the scrutiny that the SEC Chair has received from legislators regarding his stance on digital assets and NFTs.
Rep. Torres enquired about the SEC’s approach to governing NFTs during a House hearing, drawing a comparison between them and the purchase of event tickets. Gensler did not provide a clear response.
Cuban capitalized on this exchange to contend that Gensler’s regulatory strategies were detrimental to both the crypto sector and the overall economy, positing that his departure could result in an increase in GDP.
The Howey Test is the primary concern of Cuban, who is concerned that the SEC’s use of it to classify cryptocurrencies as securities is a move that many crypto advocates, including Scaramucci and Cuban, believe stifles innovation and imposes legal uncertainty.
Cuban has also asserted that the Kamala Harris campaign is adamantly opposed to Gensler’s strategy of regulating cryptocurrency through litigation rather than offering explicit guidance.
He previously referred to Gensler as “a scourge on the technology community,” emphasizing the necessity of more supportive regulation for the industry that is expanding at a rapid pace.
Scaramucci’s request for Gensler’s resignation is a further addition to the increasing chorus of cryptocurrency advocates who contend that the SEC’s regulatory methods have been excessively intrusive under his leadership.
The agency has initiated numerous high-profile enforcement actions against cryptocurrency firms, which critics contend impede the sector’s growth.
Commissioner Hester Peirce, who is pro-crypto, has expressed apprehensions about the SEC’s aggressive enforcement strategies, contending that they undermine the agency’s institutional integrity.
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