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18 GOP AGS SUE SEC AS GENSLER HINTS RESIGNATION
Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.
Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.
The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.
Litigation from GOP AGs and states has added to the existing scrutiny of Gensler’s SEC career. Top lawmakers have opened an investigation into the SEC’s hiring practices amid suspicions of politically biased recruitment, which has spurred the inquiry.
Several members of Congress have called for his resignation, and Donald Trump has promised the digital asset industry that he would dismiss Gensler.
Is Gary Gensler retiring?
Social media is buzzing with speculation that Gensler might be on his way out as SEC Chairman. His comments in a note on Nov. 14, calling his time at the SEC “a great honor” and praising his colleagues for their dedication, have fueled rumors of a possible imminent retirement.
The SEC is a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.
Gary Gensler, SEC chair
He added that it’s been a privilege to serve with the SEC “doing the people’s work and ensuring that our capital markets remain the best in the world.”
A firm stance on crypto regulation has marked Gensler’s tenure at the securities regulator. Blockchain industry players increasingly anticipate changes in leadership and policy enforcement from the SEC after years of grappling with Gensler’s regulatory approach.
The SEC has ongoing court cases against firms like Coinbase and Ripple. As such, Gensler’s potential departure has become a focal point for speculation on how regulatory policies might shift under new leadership.
@ Newshounds News™
Source: Crypto News
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Senator Lummis Proposes Selling Fed’s Gold To Fund Strategic BTC Reserve: Bloomberg
According to a latest Bloomberg report, Republican Senator Cynthia Lummis of Wyoming has proposed to sell a part of the Federal Reserve’s gold holdings to purchase one million Bitcoins for the creation of a strategic bitcoin reserve.
The Senator, an ally of Donald Trump, has a plan for filling up the president-elect’s proposed strategic Bitcoin stockpile without adding to the government deficit.
The bill calls for the US to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. Cynthia Lummis estimates this would cost around $90 billion based on current prices, but the sum could rise if the market anticipates the government’s involvement.
“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” Lummis said in an interview with Bloomberg. “So the effect on the US balance sheet is pretty neutral.”
According to Lummis’ bill, the cryptocurrency would be held for a minimum of 20 years, and the presumed appreciation in value would help to reduce the national debt.
Uphill Battles To Be Faced
Despite the industry hopes that this will be the most crypto-friendly Congress ever, some market watchers believe that Lummis’ bill, which currently has no co-sponsors, faces an uphill battle.
“It’s still putting government money on the line, and Bitcoin has not shown itself to be a particularly stable asset,” noted Jennifer J. Schulp, director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives.
She further added that “the bill asks senators and members of Congress, who may not understand crypto that well, to make a much bigger leap of faith in terms of its long-term viability.”
Novogratz Doubtful Of US Creating Strategic BTC Reserve
Michael Novogratz, the CEO of Galaxy Digital, believes there is a low likelihood of US setting up a Bitcoin strategic reserve. However, if it does, Novogratz predicted that this would push its price to $500,000 since other nations would feel compelled to create similar stockpiles.
Lummis first unveiled her bill at the Bitcoin 2024 conference after Trump announced his ambition to create a government Bitcoin reserve. After a most anticipated Trump win, the crypto market has surged massively with Bitcoin making newer highs above $93,000.
Lummis is optimistic that her BITCOIN bill, short for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, will gain support in the next Congress.
She noted that Trump has already endorsed the idea of a reserve and his closest advisers include people who understand Bitcoin and its role in our future.
@ Newshounds News™
Source: Coinpedia
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