June 7, 2023

21,000 people sign a petition asking for the resignation of SEC Chairman Gary Gensler

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21,000 people sign a petition asking for the resignation of SEC Chairman Gary Gensler

The head of the Securities and Exchange Commission has become the subject of a petition by a group of crypto investors who are asking the US authorities to fire the official for "obstructing justice."

More than 21,000 American citizens have signed a petition on Change.org demanding that Securities and Exchange Commission (SEC) Chairman Gary Gensler be fired.

The petition accuses Gensler of "complicity incriminal activity committed by Citadel Securities and Citadel the Market Maker." It is alleged that "Gensler is guilty of obstruction of justice due to his failure to comply with the law and the lack of competent oversight of the activities of market makers."

Crypto investors who previously suffered losses from participating in the Terraform Labs project asked the SEC to hold the American hedge fund Citadel Securities liable, believing that he was directly involved
to the situation with the collapse of the stablecoin TerraUSD (UST) and the Terra token (LUNA).

According to the signers of the petition, instead of holdingproper investigation, Gensler largely ignored the demands of the victims, and instead of helping people, the SEC focused on expanding its power and increasing its budget in order to claim control of the entire crypto space.

At the end of July, Pennsylvania Senator Patrick Toomey said:
that the current SEC standards result in multi-billion dollar losses for
American investors and "strangle financial innovation." Senator sent a letter
to the chairman of the SEC, where he demanded clarifications from the head of the department: exactly how the commission regulates
cryptocurrency activities.