U.S. Securities and Exchange Commission (SEC) Chairman Gary GenslerThe cryptocurrency community has been increasingly critical of Gensler as he prepares to testify before the House Financial Services Committee. Gensler, who has been the target of intense criticism from cryptocurrency users in recent years, began to be questioned by a growing number of lawmakers earlier this year about his regulatory stance and leadership.
Calls for Gensler to Resign
Gensler faced backlash from cryptocurrency users after announcing on social media platform X that he would be speaking to Congress this week. NFT collector Medic Mattdescribed Gensler’s presence in Congress as “a great opportunity to resign,” while some users argued that the SEC chairman should be replaced by a more competent person. Cryptocurrency researcher Andersonsuggesting that Gensler would avoid answering questions and would simply waste time.
In this comment by Anderson, Gensler said that Ethereum will be available in 2023 
$2,656He referred to the hearing where he did not answer questions from lawmakers about whether the cryptocurrency was a security or a commodity. Cryptocurrency YouTuber James Rule Senator Gensler’s speech text Elizabeth WarrenHe questioned whether Warren and Gensler had prepared it. As is known, Warren and Gensler were accused of deliberately working together to undermine the cryptocurrency industry.
Political Pressures Are Increasing
Cryptocurrency investor and developer Leon GabanArguing that the SEC should be shut down, he called on Gensler to “Leave now, or you will be fired later.” As will be remembered, the Republican presidential candidate Donald Trump If elected, he said he would fire Gensler on his first day in office. Another user said that under Gensler’s leadership, the SEC Ripple 
$0.589073He stated that if he had not filed a lawsuit against , he would not be facing such severe criticism right now.
As will be remembered again SECfiled a lawsuit against Ripple in 2020 for selling unregistered securities, and the long-running legal battle resulted in a $125 million fine last month. Although this fine is seen as a serious loss for Ripple, many experts believe that the SEC lost the case. Because the SEC had demanded a high fine of $2 billion from Ripple.
Cryptocurrency analyst Jonathan Morganreminded Gensler that his Democratic allies can no longer target the crypto industry because more and more Republican politicians are supporting it. “They’re going to write you off for your war on crypto because it’s politically more advantageous,” Morgan said.
Gens Will Be Held Accountable
Republican Representative Tom Emmer“I look forward to holding you accountable,” Emmer said in a post after Gensler announced his congressional testimony schedule, using the hashtag #FireGaryGensler. Last week, Emmer said Patrick McHenry asked Gensler to provide regulatory clarity on AirDrops.
Emmer and McHenry said the approach taken during Gensler’s time as SEC chairman was a negative for voters, as it ensured that the next phase of the internet would not be designed by Americans. Gensler is scheduled to testify before the Senate Banking, Housing and Urban Affairs Committee on Wednesday, following his testimony before the House of Representatives.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
