SEC Chairman Gary Gensler has close ties to anti-crypto Senator Elizabeth Warren

[ad_1]

Securities and Exchange Commission Chairman Gary Gensler has maintained close ties with anti-cryptocurrency crusader Senator Elizabeth Warren as his agency announced last week that it was suing two of the biggest names in cryptocurrency. industry.

Gensler, a longtime Democratic donor and chief financial officer for Hillary Clinton’s 2016 presidential campaign, has coordinated with Warren (D-Mass.) to crack down on crypto since her confirmation in April 2021, exchanging letters with her on the dangers of currencies and even working together to fire federal regulators who get in the way.

The 65-year-old SEC chief has donated exclusively to Democratic candidates for decades and supported Warrens’ presidential bid in the 2020 Democratic primary, contributing $2,800 to the senators’ campaign fund – the maximum an individual could send at that time.

One of the top bundlers in Hillary Clinton’s first presidential campaign in 2008, Gensler went on to take part in the former Secretary of State’s 2016 campaign, where he earned the nickname Elizabeth Whisperer while acting as intermediary between Clinton and Warren, according to Politico.

The SEC Chairman and Warren both targeted cryptocurrency exchanges, calling them the Wild West for investors, and the Massachusetts Democrat introduced legislation to help Gensler bolster agency regulation.

Securities and Exchange Commission Chairman Gary Gensler has maintained close ties with Senator Elizabeth Warren.ZUMAPRESS.com

Warren argued that the move would end money laundering, theft and fraud, and even help fight climate change.

Bitcoin requires so much computing activity that it consumes more energy than entire countries, Warren tweeted in June 2021. One of the simplest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on cryptocurrencies that waste the environment.

The senator has also gained some Republican support for her efforts.

Last year, she and Sen. Roger Marshall (R-Kan.) introduced the Digital Assets Anti-Money Laundering Act, suggesting that the bill would prevent funds from flowing to terrorists and would help stop fentanyl trafficking online.

Both the SEC Chairman and Warren have targeted cryptocurrency exchanges and called them the Wild West for investors.REUTERS

But digital asset advocates said the bill would effectively ban crypto on the pretext of combating money laundering and present an unconstitutional attack on cryptocurrency users.

Other Republicans have also introduced bills to impeach Gensler, saying he abused his authority as SEC chairman.

American investors and industry deserve clear and consistent oversight, not political play,” House Majority Whip Tom Emmer (R-Minn.) said in a statement announcing the legislation.

Gensler began his term with the ousting of former public company accounting oversight board chairman William Duhnke in June 2021, following calls from Warren and Sen. Bernie Sanders (I-Vt.) for his replacement. .

Gensler began his term with the ousting of the chairman of the Public Company Accounting Oversight Board, following calls from Warren and Sen. Bernie Sanders (I-Vt.) for his replacement.REUTERS

The following year, the PCAOB signaled that it would take a new direction by prioritizing audits of all digital assets, citing concerns about fraud.

The move came months after Warren and Sen. Ron Wyden (D-Ore.) wrote to the regulator, saying it should exercise its authority to audit cryptocurrencies after FTX’s implosion last November.

On June 5, Genslers SEC also sued the world’s largest cryptocurrency exchange, Binance, and the following day sued Coinbase, the largest US cryptocurrency exchange, with the agency accusing the two of failing to wrongly register.

We don’t need more digital currency, Gensler told Bloomberg following the lawsuits last Tuesday. We already have digital currency. This is called the US dollar.

Genslers SEC sued the world’s largest cryptocurrency exchange, Binance, as well as Coinbase, the largest US cryptocurrency exchange.Getty Images

The next day, Warren and Sen. Chris Van Hollen (D-Md.) called on the Justice Department to open an investigation into Binance for allegedly lying to Congress.

An SEC spokesperson declined to comment. A spokesperson for Warren did not respond to a request for comment.

[ad_2]