Elon Musk has disclosed a "settlement demand" from the SEC, led by Gary Gensler, related to his Twitter acquisition, escalating their ongoing feud. Musk's lawyer, Alex Spiro, claims the demand involves Musk's Twitter share transactions and accuses the SEC of harassment. The SEC has extended the deadline for Musk to respond to the settlement offer, and if unresolved, may issue a "Wells notice" for potential enforcement. Musk, who has criticized the SEC's actions as politically motivated, has a history of clashes with the agency, including a 2018 settlement over Tesla-related tweets.
Elon Musk has revealed that the SEC is demanding he pay a fine for not disclosing his initial 2022 Twitter share purchases or face charges. Musk's attorney claims the SEC's actions are improperly motivated, and Musk refuses to comply. This is the latest in a series of clashes between Musk and the SEC, which have intensified under Chairman Gary Gensler, particularly over cryptocurrency regulation. Musk previously settled with the SEC in 2018 over misleading Tesla investor communications. Gensler is set to be replaced by Paul Adkins, nominated by President-elect Donald Trump.
Ripple CEO Brad Garlinghouse discussed the formation of Fairshake, a political action committee aimed at challenging SEC Chair Gary Gensler's aggressive cryptocurrency regulations. Garlinghouse argues that the SEC's crackdown, which included over 120 lawsuits against crypto companies, has united the industry against what he calls a "war on crypto." He emphasized that Fairshake's mission is to advocate for a balanced legal framework for blockchain technology in the U.S., aligning with political goals to make the country a leader in cryptocurrency. Ripple has spent over $150 million in legal fees defending its stance that XRP is not a security.
President-elect Donald Trump's transition team is considering Paul Atkins, a seasoned financial regulator, as a potential candidate to lead the US Securities and Exchange Commission, succeeding outgoing Chair Gary Gensler. Atkins is a prominent figure in conservative financial circles and is among the top contenders for the position, with a decision expected soon.
SEC Commissioner Jaime Lizárraga will step down on January 17th, citing personal reasons related to his wife's health. His departure, along with SEC Chairman Gary Gensler's, will leave the agency with a Republican majority as Donald Trump begins his second term as President. This shift is expected to lead to more crypto-friendly policies. Lizárraga, who joined the SEC in 2022, has been an advocate for corporate responsibility and climate risk reporting. No replacements for Lizárraga and Gensler have been announced yet.
Gary Gensler, the chair of the US Securities and Exchange Commission, announced his resignation effective when President-elect Donald Trump takes office, signaling potential regulatory changes. Gensler's aggressive stance on cryptocurrency regulation, including lawsuits against major exchanges, was unpopular in the crypto industry. Trump is expected to appoint a Republican SEC commissioner as acting head, but it's unclear if this will benefit the crypto sector. Trump's broader deregulation plans could create opportunities but also risks, while states may resist federal rollbacks on environmental policies.
Robinhood's Chief Legal Officer Dan Gallagher has declined interest in becoming the next SEC Chairman following Gary Gensler's resignation announcement. Gensler plans to step down on January 20, 2025, as Donald Trump assumes the presidency. Gallagher, a former SEC commissioner, prefers to focus on his role at Robinhood, aiming to democratize finance for retail investors. Meanwhile, the crypto industry anticipates changes in SEC leadership, with Trump previously expressing intentions to replace Gensler.
The resignation of SEC Chairman Gary Gensler, potentially influenced by Donald Trump's pro-crypto stance, raises concerns about the future of cryptocurrency regulation. While some speculate that Democrats might adopt Bitcoin into their platform, there's a risk of increased political polarization around cryptocurrencies. With Gensler's departure, the regulatory environment may become more permissive, potentially leading to a surge in scam coins and a backlash against all cryptocurrencies, including Bitcoin, from both political parties.
Bitcoin is nearing the $100,000 mark, driven by a post-election rally and the announcement of SEC Chair Gary Gensler's upcoming resignation. Analysts suggest Bitcoin could surpass this psychological barrier, with projections reaching $200,000 by 2025. Gensler, known for his strict crypto regulations, will step down as Donald Trump, who has promised to prioritize the crypto industry, takes office. Trump is considering crypto-friendly candidates for the SEC, potentially signaling a shift in regulatory approach.
Bitcoin is nearing the $100,000 mark following a surge in the cryptocurrency market, driven by expectations of favorable regulation under the Trump administration. This comes as SEC Chair Gary Gensler, known for his anti-crypto stance, announces his resignation. The crypto industry is optimistic about potential regulatory changes and the creation of a White House role focused on cryptocurrency policy.
SEC Chair Gary Gensler announced his resignation effective January 20, coinciding with President-elect Trump's inauguration. Gensler's tenure, marked by aggressive rulemaking and enforcement, often clashed with Wall Street and the crypto industry. Appointed by President Biden, Gensler's leadership saw significant regulatory actions, including climate disclosure proposals and lawsuits against major crypto firms like Coinbase and Binance. His departure signals potential shifts in SEC policy under the incoming administration, which may favor a more crypto-friendly approach.
Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), will resign on January 20, coinciding with President-elect Donald Trump's inauguration. Gensler, appointed in 2021, has been a controversial figure due to his stringent enforcement actions against cryptocurrency firms, which contrasts with Trump's pro-crypto stance. Trump's administration is expected to ease regulations on the crypto industry, which has seen rising values since his election. Gensler's tenure also included significant reforms in financial market regulations.
SEC Chair Gary Gensler announced his resignation effective January 2025, coinciding with Donald Trump's second term, sparking widespread celebration and mockery on Crypto Twitter. Gensler, known for his stringent regulatory stance on the crypto industry, was met with reactions ranging from relief to derision from figures like Mark Cuban, Tom Emmer, and Elon Musk. The crypto community, including critics like John Deaton and Erik Voorhees, expressed their disdain, while others humorously questioned the SEC's efficiency.
SEC Chair Gary Gensler, known for his stringent enforcement actions against the cryptocurrency industry, will step down on January 20, coinciding with the inauguration of President-elect Donald Trump. Gensler's tenure, marked by high-profile cases against major crypto firms like Binance and Coinbase, has made him unpopular in the crypto community. Despite his term running until 2026, it is customary for SEC chairs to resign with a new administration. Trump, who has shown support for the crypto industry, has already appointed crypto-friendly figures to his Cabinet.
Gary Gensler, the 33rd Chair of the U.S. Securities and Exchange Commission (SEC), will step down on January 20, 2025. During his tenure, Gensler implemented significant reforms to enhance the efficiency, resiliency, and integrity of U.S. capital markets, including updates to the Treasury and equity markets, corporate governance, and disclosure rules. He also led high-impact enforcement actions, returning billions to harmed investors. Gensler's leadership saw the SEC tackle issues in the crypto markets and improve transparency and accountability in financial reporting and auditing.
