As the debate surrounding cryptocurrency regulations intensifies in the United States, the United States Securities and Exchange Commission (SEC) has found itself under heightened scrutiny from leading figures in the crypto industry.

These concerns culminated recently when Bruce Fenton, CEO of Chainstone Labs and a former executive of the Bitcoin Foundation, voiced his displeasure directly at the heart of the SEC.

Today I went to SEC headquarters in Washington DC to call for the resignation of Chairman Gary Gensler.

Securities are the lifeblood of the economy. Securities is my industry and has been for my whole life. It is deeply important to me and it is crucial to the American people… pic.twitter.com/6HqKSS23xt

— Bruce Fenton (@brucefenton) August 9, 2023

Fenton’s Grievances And The SEC’s Regulatory Stance

In a move that underscores growing tensions, Fenton visited the SEC headquarters in Washington DC, publicly calling for the resignation of its Chairman, Gary Gensler. Apparently, the digital asset space, which has long held a tentative relationship with regulatory bodies, perceives certain actions under Gensler’s leadership as detrimental to its growth and legitimacy.

Bruce Fenton’s visit to the SEC wasn’t a quiet affair, too. Taking to X (Twitter), Fenton detailed his reasons, saying, “Today I went to SEC headquarters in Washington DC to call for the resignation of Chairman Gary Gensler.” He expressed that securities are vital to the economy, emphasizing his lifelong dedication to the industry.

Fenton pointed out:

Chair Gensler’s oversight and ties with fraudster SBF, his placing of woke partisan ESG politics and personal cabinet ambitions above the Constitution, his capricious handling of the digital assets space, and his lack of transparency harm the industry and harm the American economy.

It is worth noting that these calls for Gensler’s resignation come amid broader concerns within the cryptocurrency industry related to the SEC’s strategies as recent regulatory actions have not sat well with various stakeholders.

For example, the SEC recently categorized six tokens, including Algorand, as securities in a case against Bittrex, which has been a significant point of contention, raising questions about the SEC’s overall stance on cryptocurrencies.

Community Echoes Concerns

The undercurrents of dissatisfaction are not limited to Fenton alone. The community’s reaction to Fenton’s call to action reveals a shared sentiment.

John E. Deaton, a lawyer associated with XRP, backed Fenton’s stance, highlighting a consolidated front within the pro-crypto community against what they see as regulatory excesses.

Notably, John has recently voiced out that the regulatory body’s approach to crypto regulation appears to uphold the interests of corporate capitalism rather than advocating for investor protection.

For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f

— John E Deaton (@JohnEDeaton1) July 29, 2023

Featured image from Unsplash, Chart from TradingView