Regulation
Former SEC Official Asks Gary Gensler To Resign, Here’s Why
Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), has recently come under renewed scrutiny. Former SEC official John Reed Stark publicly suggested that Gensler should step down to allow for a new direction regarding cryptocurrency regulation. Stark’s comments follow Donald Trump’s 2024 presidential election victory, with some analysts speculating that a leadership change may soon take place.
Ex-SEC Official John Reed Stark Calls for Gensler’s Resignation
John Reed Stark, who formerly served with the SEC, has urged Chair Gary Gensler to resign. The former SEC official emphasized the need to halt ongoing crypto-related investigations and policy initiatives. Stark proposed that SEC staff compile a comprehensive list of all active cryptocurrency cases to ease the transition for any incoming chair.
This recommendation aligns with a perceived shift in public sentiment regarding regulatory practices, John Reed Stark added,
“Like it or not, the people have spoken and their will must be respected.”
Stark’s statement comes amid heightened debate over the SEC’s stance on digital assets. Over the past few years, the agency has implemented stringent measures on various cryptocurrency entities and has frequently engaged in litigation to enforce compliance. Stark’s call reflects a growing sentiment among industry stakeholders who seek a balanced regulation approach under new leadership.
Will Gary Gensler Resign This Week? Who’s Next Chair?
In light of the recent concerns, XRP attorney James Murphy has also predicted that Gary Gensler may step down soon. Murphy pointed out a historical pattern where SEC chairs often resign following a new presidential administration. For instance, Mary Jo White’s departure in 2016 after Trump’s first election and Jay Clayton’s exit in 2020 after Biden’s win.
Murphy’s observations suggest that Gary Gensler may follow suit as the new administration begins.
Richard Farley, a Wall Street lawyer with extensive experience in finance, has emerged as a potential candidate for SEC Chair under the incoming administration. Farley is known for his work with financial institutions like Goldman Sachs and UBS. More so, his legal expertise aligns with a potential shift towards a more crypto-friendly SEC. Farley’s appointment would signal a policy shift, with a likely emphasis on fostering balanced approach to crypto regulation.
This potential appointment underscores Trump’s intention to take a different approach to digital assets.
In addition, as Trump assembles his new administration, insiders reveal that the President-elect is inclined to let Jerome Powell complete his term as Federal Reserve Chair, which runs until May 2026. Although Trump has previously criticized Powell, his decision to retain Powell would ensure continuity in monetary policy.
In recent reports, another pro-crypto figure, CEO of Cantor Fitzgerald, Howard Lutnick, is considered a leading candidate for the role of U.S. Treasury Secretary under President-elect Donald Trump. Known for his support of Tether, Lutnick is actively lobbying for the position, intensifying speculation about Trump’s pro-Bitcoin administration.
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. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. 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.
Coinbase CEO Brian Armstrong has criticized the Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform. Armstrong expressed frustration on social media, suggesting that the DOJ’s actions are politically motivated and could inadvertently strengthen Polymarket’s influence.
The ongoing probe, which involved a search of Polymarket CEO Shayne Coplan’s devices, has sparked widespread debate in the cryptocurrency and technology sectors.
Coinbase CEO Brian Armstrong Criticizes DOJ
In a post on X (formely Twitter), the Coinbase CEO Brian Armstrong, has given his two cents on the Polymarket probe. Amid an FBI raid, Polymarket is said to have violated the terms of its earlier settlements with U.S. regulators by permitting U.S.-based users to place bets, the DOJ probe of the platform suggests.
A 2022 consent order with the Commodity Futures Trading Commission (CFTC) limited Polymarket’s access to US-based traders and the company paid a $1.4 million penalty. But latest findings suggest that US users might still be using the platform hence raising compliance issues.
The probe has picked up pace after a surge in election-related trades on Polymarket particularly those in favour of Donald Trump’s re-election. Critics, however, despite the Coinbase CEO comments, have expressed fears that such big bets can manipulate the general opinion.
Polymarket has however said it takes steps to ensure that its services are not used by those based in the United States, but the DoJ’s investigation indicates that the company remains concerned about potential violations.
Polymarket Denies Political Motivations, Defends Its Operations
In reaction to the DOJ’s actions, Polymarket has come forward to explain that its platform is a tool that aids people in gaining information about the world, including elections.
The company called the DOJ’s actions politically motivated and said that the company would fight for “itself and its community.” Polymarket’s CEO Shayne Coplan commented on the matter stating that it was a disappointing “last-ditch effort” by the current administration to go after companies they feel are linked to political opponents.
He highlighted that Polymarket does not take sides, saying that regulators should instead concentrate on creating a favorable climate for business and startups.
“Polymarket has helped hundreds of millions of people during this election cycle and has not hurt anyone,” Coplan said in a tweet.
The management of Polymarket also emphasized the openness of the platform and the unwillingingness to violate current legislation. Since the CFTC settlement, the company has put in place further measures to check the location of users and to limit the access of suspected US participants.
French Regulators Also Scrutinize Operations
However, there are more regulatory concerns for Polymarket than just the US ones. In France, the country’s gambling regulator, the ANJ, is reportedly mulling over the possibilities of banning Polymarket due to unlicensed gambling services. The French authorities have taken notice of the company after recording a surge in the number of bets placed during the US presidential election.
In particular, the response of Coinbase CEO, to the DOJ investigation has been popular among the cryptocurrency community who consider the probe as a threat to free speech.
Solana co-founder Anatoly Yakovenko also came out in support of Polymarket, saying that data markets are a form of “political speech” covered by the First Amendment. This view is supported by a number of crypto industry executives who claim that banning platforms like Polymarket hampers people’s ability to discuss political events.
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.
Pro-crypto Florida Congressman Matt Gaetz has been nominated by US President Donald Trump to serve as the Attorney General of the United States. Gaetz, a Republican representative known for his strong stance on justice reform and cryptocurrency advocacy, has garnered attention in recent years for his outspoken views on federal oversight and digital currency policies.
Donald Trump’s nomination of Matt Gaetz underscores his commitment to reshaping the Department of Justice (DOJ) and pushing back against what he calls “weaponized government.”
Matt Gaetz Nominated As Donald Trump’s Attorney General
In a statement, US President Donald Trump described Gaetz as a deeply gifted and tenacious attorney who has dedicated his efforts in Congress to the reform of the Department of Justice. Gaetz has been outspoken in his efforts to reduce what he perceives to be political motivations within the Justice Department and has accused the Biden administration of weaponizing the justice system.
If confirmed, Gaetz will focus on rebuilding the reputation of the DOJ and restoring its credibility by ensuring the department is more transparent and acts within the law.
President Trump noted that Florida Congressman, Gaetz has been focusing on justice issues while serving in the House Judiciary Committee and overseeing the DOJ. Trump called Gaetz a champion for the Constitution who will ensure the rule of law while working to introduce the changes that are needed.
Advocacy for Cryptocurrency and Blockchain in Government
In addition to his stance on DOJ reform, Matt Gaetz has recently emerged as an advocate for cryptocurrency, proposing legislation to allow federal income taxes to be paid with Bitcoin. His bill was submitted in June and seeks to modify the Internal Revenue Code to allow the U.S. Treasury to accept Bitcoin as a form of tax payment.
In Gaetz’s opinion, this could ‘lead to more innovation, better efficiencies, and provide more options for Americans.’
The bill would mandate the Treasury secretary to come up with rules for the processing of Bitcoin payments for specific federal taxes. The law outlines that any Bitcoin received would be converted into US dollar as soon as the payment is made.
His actions are in line with recent trends promoted by Trump to encourage the use of cryptocurrencies and reduce the level of restrictions on the activities of crypto companies.
Trump’s Pro-Crypto Agenda Gains Momentum
Florida Congressman Matt Gaetz nomination is part of a wider trend within Trump’s insider circle of supporting cryptocurrency within the United States. Trump has earlier vowed to put an end to Biden’s war on crypto and make cryptocurrencies an essential part of the US economy. To this end, Trump has proposed filling key posts in his administration with crypto supporters, as well as working on the creation of conditions under which the crypto business will be more comfortable.
More pro-crypto figures are said to be under consideration for positions in Trump’s transition team including Howard Lutnick, the CEO of Cantor Fitzgerald as a potential treasury secretary. Crypto advocates see these appointments as an opportunity to end regulatory crackdowns on the industry and establish the U.S. as a global leader in digital finance.
Concurrently, Donald Trump has created a new Department of Government Efficiency (DOGE), to be led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy.
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.
US President Donald Trump has revealed that Tesla CEO Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, or “DOGE.” This initiative, aimed at streamlining government operations and reducing bureaucratic waste, aligns with Trump’s “Save America” movement and promises to reshape federal spending and regulatory practices.
Following the announcement, Dogecoin (DOGE) experienced a surge in trading, with analysts predicting further growth in its value, fueled by renewed interest in the cryptocurrency market.
Donald Trump Appoints Elon Musk & Vivek Ramaswamy To Lead D.O.G.E
According to US President Donald Trump’s statement, the Department of Government Efficiency (D.O.G.E) will focus on cutting down unnecessary regulations, reducing wasteful expenditures, and restructuring federal agencies.
Elon Musk and Ramaswamy will lead this effort from outside the federal government, partnering with the White House and the Office of Management and Budget (OMB) to drive large-scale reform. Trump described the project as potentially “The Manhattan Project” of modern government, emphasizing the ambitious nature of the initiative.
The DOGE initiative has been positioned as a patriotic mission to improve government accountability and efficiency, making the federal system more responsive to “We the People.” Trump expressed confidence that this effort would create a “leaner” and “more accountable” government by July 4, 2026, in time for the United States’ 250th anniversary. Post the announcement, Tesla CEO Elon Musk echoed the sentiment, suggesting that the changes would send “shockwaves through the system.”
Dogecoin Price To Rally Post DOGE Announcement?
The announcement of the DOGE initiative had an unexpected impact on Dogecoin, which saw a sudden rally in value following the news. Dogecoin’s price increased by nearly 10%, with trading volume rising as investors showed renewed interest in the meme-inspired cryptocurrency.
Crypto analysts are now forecasting that Dogecoin could reach $2.40, with some analysts predicting even higher targets if momentum continues.
Ali Martinez, a prominent crypto market analyst, shared a bullish outlook on Dogecoin, noting that the cryptocurrency could potentially hit $2.40 if current trends hold. Martinez added that the price could climb even higher, with a speculative target of $18 if institutional interest in meme coins grows. This optimism has sparked excitement within the Dogecoin community, especially as other meme coins have also seen price increases in recent days.
Speculation Over Potential DOGE ETF Fuels Further Interest
Speculation around a possible Dogecoin exchange-traded fund (ETF) has also contributed to the cryptocurrency’s upward trend. Bloomberg senior ETF analyst Eric Balchunas has suggested that Dogecoin could be the next cryptocurrency to get the ETF treatment, given recent ETF applications for other cryptocurrencies.
There is as of now no official application for a DOGE ETF but fans of the crypto are optimistic that its approval will boost the acceptance of the digital currency.
The possibility of a Dogecoin ETF has been met with enthusiasm, as it would give institutional investors easier access to Dogecoin. Many in the crypto community view this as a key factor in Dogecoin’s potential to break through its previous all-time high.
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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