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Anthony Scaramucci Predicts Kamala Harris To Fire US SEC Chair Gary Gensler

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2 months ago

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Anthony Scaramucci has voiced his expectations for Vice President Kamala Harris to fire U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.

Anthony Scaramucci Predicts Kamala To Fire US SEC Chair

On X (previously Twitter), Anthony Scaramucci shared several posts regarding Vice President Kamala Harris’s possible actions towards US SEC Chair Gary Gensler. Scaramucci thinks that if Harris becomes the Democratic presidential candidate, she will probably fire Gensler.

This prediction is made at a time when there is still a lot of discourse on the part of the Biden administration on cryptocurrency as well as the legal framework surrounding digital assets.

Scaramucci went on Twitter to calm the crypto community, pointing out that Harris is quite receptive to cryptocurrencies. He said that one should not view Harris’s refusal to address the Bitcoin Conference as an act of hostility towards the sector. He said that Harris is busy now especially that she is the presumptive nominee to be the Democratic candidate for the presidency but has recently proven to be open to the industry.

Moreover, he emphasized that just as Trump changed his view after calling Bitcoin a scam in 2022, Kamala has shown potential for a change by considering speaking at the Bitcoin Conference. Subsequently, Scaramucci highlighted that Kamala Harris and Senator Elizabeth Warren are not friendly. He noted:

“ Gensler will be fired and Warren will be sidelined as Financial Services Czar in a Harris admin. Let’s keep crypto bipartisan, it will be healthier for the ecosystem in the long run.”

Criticism of Biden Administration’s Crypto Policies

Some of the leading personalities in the crypto industry, such as Cameron and Tyler Winklevoss, co-founders of Gemini, have also slammed the Biden administration. They contend that the current administration is hostile to cryptocurrency and paints a picture of the administration’s actions and enforcements.

Cameron Winklevoss stated that the actions should be taken in good faith such as firing Gensler, ceasing certain enforcement actions, and stepping away from Elizabeth Warren in crypto legislation processes to win the trust of the crypto community.

Tyler Winklevoss was of the same opinion and called for significant and timely changes from the Democratic Party to win back the crypto community voters. He argued that if these issues are not solved, the party may lose the support of the crypto community especially in the coming elections.

Calls for Firing of SEC Chair Gary Gensler

Balaji Srinivasan, a tech entrepreneur and the former CTO of Coinbase, also commented on the matter. He claimed that Harris, who can be viewed as the head of the Democratic Party due to Biden’s position as a lame duck president, should take a number of specific measures to prove her commitment to the crypto industry.

Some of the immediate actions Srinivasan suggested included dismissing Gensler, stopping the Biden administration’s AI policies, and eliminating the unrealized capital gains tax.

Srinivasan said that the Democratic Party has a process to fire Gensler and pointed out that the party can do so if it thinks it is politically right. He explained that clear actions would have to be taken to change the situation and actually respond to the concerns of the crypto community.

Read Also: Bitcoin Gear Up for $80k Rally Amid Miners Recovery and Whale Buying

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Regulation

Texas Court Dismisses Consensys Suit Against SEC on Procedural Basis

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38 mins ago

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September 19, 2024

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The United States District Court for the Northern District of Texas dismissed Consensys Software Inc.‘s case against the Securities and Exchange Commission. This was after a long legal battle to determine the status of Ethereum and other similar software products.

Texas Court Ends Consensys Suit Against SEC

The U.S. District Court in Fort Worth has thrown out the allegations made by Consensys against the Securities and Exchange Commission in a recent legal move. The court, presided over by Judge Reed O’Connor, ruled on procedural grounds. The judge determined the claims concerning Ethereum classification and the regulatory approach to MetaMask were not ripe for judicial review. This decision effectively puts an end to the current litigation initiated by Consensys in April of this year.

The dismissal focused particularly on the lack of final agency action from the SEC, which the court noted was a requisite for a substantial legal challenge. This procedural dismissal indicates that despite the issues raised, the court decided not to proceed with evaluating the merits of the case.

Legal Battle Over Ethereum and MetaMask

Initially, Consensys challenged the SEC’s classification of Ethereum and its derivatives as securities. The complaint highlighted concerns over the SEC’s focus on MetaMask, a software service provided by Consensys that facilitates crypto transactions and staking. 

Despite an earlier notification in June about the SEC dropping its investigation into Ethereum, the broader implications of this regulatory scrutiny remained a contentious issue.

Subsequent to the initial lawsuit, the SEC initiated a separate enforcement action in June, accusing Consensys of operating its MetaMask swaps service without proper registration. 

In addition, according to Judge O’Connor, this case lacked the necessary finality from the Securities and Exchange Commission side to be considered ready for court adjudication.

Reactions and Future Regulatory Steps

The court’s decision to dismiss on procedural grounds does not conclude the legal issues surrounding the regulation of Ethereum and other blockchain technologies. 

More so, Consensys has expressed its intention to continue advocating for blockchain developers and to challenge the SEC’s actions in other jurisdictions, indicating that the struggle over crypto regulation in the U.S. is far from over. The case’s dismissal in Texas does not preclude the blockchain company from pursuing other legal avenues to address their grievances.

In addition, most recently, a US Bankruptcy judge Brendan Shannon approved Terraform Labs plan to liquidate its assets following an ongoing SEC lawsuit.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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UN Calls for Global AI Governance As Meta & OpenAI Face Challenges

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3 hours ago

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September 19, 2024

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AI News: The United Nations has issued seven recommendations for reducing the risks of artificial intelligence (AI) based on input from a UN advisory body. The final report of the council’s advisory body focuses on the importance of developing a unified approach to the regulation of AI and will be considered at a UN meeting scheduled for later this month.

AI News: UN Calls for Global AI Governance

The council of 39 experts noted that large multinational corporations have been able to dominate the development of AI technologies given the increasing rate of growth, which is a major concern. The panel stressed that there is an ‘unavoidable’ need for the governance of artificial intelligence on a global scale, since the creation and use of artificial intelligence cannot be solely attributed to market mechanisms.

According to the UN report, to counter the lack of information between the AI labs and the rest of the world, it is suggested that a panel should be formed to disseminate accurate and independent information on artificial intelligence.

The recommendations include the creation of a global AI fund to address the capacity and collaboration differences especially in the developing countries that cannot afford to use AI. The report also provides recommendations on how to establish a global artificial intelligencedata framework for the purpose of increasing transparency and accountability, and the establishment of a policy dialogue that would be aimed at addressing all the matters concerning the governance of artificial intelligence.

While the report did not propose a new International organization for the regulation, it pointed out that if risks associated with the new technology were to escalate then there may be the need for a more powerful global body with the mandate to enforce the regulation of the technology. The United Nation’s approach is different from that of some countries, including the United States, which has recently approved of ‘a blueprint for action’ to manage AI in military use – something China has not endorsed.

Calls for Regulatory Harmonization in Europe

Concurrent with the AI news, leaders, including Yann LeCun, Meta’s Chief AI Scientist and many CEOs and academics from Europe, have demanded to know how the regulation will work in Europe. In an open letter, they stated that the EU has the potential to reap the economic benefits of AI if the rules do not hinder the freedom of research and ethical implementation of AI.

Meta’s upcoming multimodal artificial intelligence model, Llama, will not be released in the EU due to regulatory restrictions, which shows the conflict between innovation and regulation.

The open letter argues that excessively stringent rules can hinder the EU’s ability to advance in the field, and calls on the policymakers to implement the measures that will allow for the development of a robust artificial intelligence industry while addressing the risks. The letter emphasizes the need for coherent laws that can foster the advancement of AI while not hindering its growth like the warning on Apple iPhone OS as reported by CoinGape.

OpenAI Restructures Safety Oversight Amid Criticism

In addition, there are concerns about how OpenAI has positioned itself where the principles of safety and regulation of AI are concerned. As a result of the criticism from the US politicians and the former employees, the CEO of the company, Sam Altman, stepped down from the company’s Safety and Security Committee. 

This committee was formed in the first place to monitor the safety of the artificial intelligence technology and has now been reshaped into an independent authority that can hold back on new model releases until safety risks are addressed.

The new oversight group comprises individuals like Nicole Seligman, former US Army General Paul Nakasone, and Quora CEO Adam D’Angelo, whose role is to ensure that the safety measures put in place by OpenAI are in line with the organization’s objectives. This United Nations AI news comes at the heels of allegations of internal strife, with former researchers claiming that OpenAI is more focused on profit-making than actual artificial intelligence governance.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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SEC requests for more time to produce documents in Coinbase case

Published

5 hours ago

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September 19, 2024

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The US SEC office Washington DC
  • SEC reportedly seeks an extension to February 2025 for it to provide case documents to Coinbase.
  • Coinbase, Binance and Kraken all facing SEC lawsuits.

The US Securities and Exchange Commission has filed for an extension from the court, asking for more time as it looks to provide documents related to its case against crypto exchange Coinbase. Cointelegraph reported this on Sept. 19

SEC asks for extension

Court documents filed on Sept. 18 reveal that the SEC wants the court to extend the timeline for them to furnish Coinbase with key material by four months.

The regulator filed its request at the US District Court for the Southern District of New York, and if granted, will see it have until February 2025 for the deadline to share over 133,000 documents.

SEC’s court filing comes a month to the end of the initial timeline on Oct. 18, which is when the securities watchdog was to hand over documents as part of the case’s discovery proceedings phase. According to the regulator, an extension will allow it to produce the necessary documents.

SEC has sued several crypto companies

These latest developments in the SEC vs. Coinbase lawsuit adds to several others in recent months and weeks. It includes court filings and verdicts in the regulator’s cases against crypto exchanges Binance and Kraken, which are the other major industry players in a legal battle with the SEC.

Both the courts and US lawmakers have taken issue with the SEC’s use of the term “digital asset securities’. This is part of the main allegations against crypto exchanges, with the regulator alleging securities laws violations by these firms.

In 2020, the agency sued Ripple Labs over the XRP cryptocurrency – a case that dragged for three years before a notable ruling in July 2023 declared XRP not a security. The regulator also reached a $4 billion settlement with Terraform Labs.

A judge denied Kraken’s motion to dismiss the SEC’s lawsuit agaisnt the exchange in August this year.

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