“Fire Gary Gensler as SEC Chairman” Petition Gaining Traction After Accusations of Corruption and Market Manipulations

Estimated read time 2 min read
  • A petition on Change.org is quickly gaining traction with the SEC chairman standing accused of corruption and market manipulation.
  • The SEC is also facing criticism from Ripple and the XRP community since it launched its investigation against the technology company. for offering unregistered securities.

The SEC chairman Gary Gensler stands charged with corruption and market manipulation by thousands who have signed a petition that seeks to have the highly controversial man fired. As of press, more than 16,000 have signed the petition on Change.org. It would come as no surprise to learn that most of these signatures have come from XRP investors who have been disgruntled by the Chairman’s handling of the SEC vs Ripple case that began in late 2020.

The agency is accused of playing favoritism, abusing its power, and market manipulation. By far and large, the XRP community have blamed the agency’s wrongdoings on its leader Gary Gensler who took charge just as the case was commencing.

The petition notes;

SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool abuse.

lawyer John E. Deaton revealed that Vanguard Group manages funds for Gensler for his firms Annabel Lee LLC and a Marital Trust. SEC Chair has over $100 million in wealth, 90% of which is managed by Vanguard.

In addition, the Chairman has been accused of shorting crypto-focused stocks such as AMC Theatres and GameStop through Vanguard Group and BlackRock.

The SEC vs Ripple

For nearly two years, the SEC and Ripple, and its executives have been locked in a legal battle in what the SEC says is the issuance of unregistered securities. The coins in question ‘XRP’ have been trading for years with the SEC only recently deciding to investigate their issuance.

While a majority of analysts expect Ripple to win the case, the SEC’s adamancy has continued to hurt investors and the development of the larger ecosystem.

Mary Jane

A writer. A poet. A believer in financial innovation.

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