Cryptocurrency community tries to dismiss top U.S. official

Members of the cryptocurrency community have created a petition demanding the dismissal of Securities and Exchange Commission (SEC) Chairman Gary Gensler.

At the time of writing, the petition has been signed by more than 21,000 American citizens. Gensler is accused of obstructing the activities of cryptocurrency investors, non-compliance with the law, and lack of competent supervision over the activities of market makers.

Earlier, the victims of the Terraform Labs collapse asked the SEC to prosecute the American hedge fund Citadel Securities. According to the investors, this hedge fund was directly involved in the situation with the collapse of the UST stablecoin and LUNA token. However, the SEC chairman «ignored the demands of the victims, and instead of helping people, the SEC focused on expanding its power and increasing its budget to claim control over the entire crypto space,» said the crypto investors who have already signed the petition.

So far, no official comments have been published from the Securities and Exchange Commission or Gary Gensler himself. As a reminder, the SEC chairman recently said that the Commission is seeking to enter into agreements with US financial agencies to strengthen cryptocurrency regulation. Gensler suggested that more efforts should be made to control trading in digital assets and that the SEC and CFTC should join forces. «If a digital asset that represents a certain commodity is registered on a platform that is controlled by the SEC, we will send information about the commodity to the CFTC to work together,» Gary Gensler explained.