The American Securities Association (ASA), a group of regional financial services company has made a bold statement following the results of U.S. 2024 presidential election. According to the CEO of the ASA, Chris Iacovella, the current SEC Chair Gary Gensler should immediately step down from his position as the people of America have voted for the country to take a new regulatory direction. The CEO stated “Last night the people voted for this country to take a new direction, and Chairman Gary Gensler should respect that vote by stepping down from his position immediately.”
RELEASE: ASA Calls on @SECGov Chair Gensler to Immediately Step Down https://t.co/YYk6SXnwi4
— American Securities Association (@AmerSecurities) November 6, 2024
SEC Chair Gary Gensler Criticized by The CEO of ASA
The CEO of ASA criticized Gensler’s stringent regulation on cryptocurrencies and private equity to be the reason for the hatred amongst the community members.
According to the CEO, the laws enforced under his leadership have hindered innovation and have given rise to uncertainty within the industry and in order to help the American community, resignation from Gary Gensler himself is the only way SEC can build trust and confidence within the industry.
From the election results it is clear that the Gary Gensler’s policies do not align with the interest of Americans and businesses. This indicates that the guidelines need to be changed where it prioritizes practical needs over ambitious agendas.
Pro-Crypto Candidate Promised
With the shift in the administration at the White House, expectation are high for a shift in SEC leadership. Trump has previously promised to fire Gary Gensler on the first day in the office. There are various names that have been speculated that can take up the position and the responsibilities of the SEC Chair but when Fox journalist Eleanor Terret asked a person close to Trump’s transition team about the names being floated, the source asserted that the person will be pro-crypto.
NEW: I asked a person close to the Trump transition team about some of the names being floated for @SECGov chair and whether views on #crypto would factor into the decision.
The response: “I promise you it will be someone pro-crypto.”
— Eleanor Terrett (@EleanorTerrett) November 8, 2024
The ASA’s stance is a part of larger call for accountability and transparency within the SEC. As things develop, one thing is clear, the SEC Chair will be replaced and the policies will be re-evaluated, re-designed for better clarity and for innovation to take place in the industry.
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