In an assertive move, Bruce Fenton, the CEO of Chainstone Labs and a former figurehead for the Bitcoin Foundation, recently approached the U.S. Securities and Exchange Commission (SEC) headquarters and made a public call for the resignation of Chairman Gary Gensler.
Fenton’s Reasoning
Having spent a lifetime in the cryptocurrency and securities space, Fenton brings a unique perspective to the industry’s issues. He shared about his formative years, which saw him step into the world of brokerage and Wall Street at a tender age, eventually solidifying a 30-year career with a spotless record.
According to Fenton, the U.S. crypto markets’ integrity isn’t just business; it’s personal. At the center of his grievances are Gensler’s purported connections with Sam Bankman-Fried, who has been considered a criminal since FTX’s 2022 debacle.
Fenton points out that Gensler’s actions, especially providing unprecedented access to the likes of Bankman-Fried, aren’t in line with the treatment meted out to others in the industry. According to Fenton, these associations, especially in the aftermath of such significant financial missteps, warrant scrutiny.
In his words:
“You have ties with him, with his president and his general counsel, who used to work with you. You’ve never, as far as I know, given any transparency to why you did this. We all know the reason that you did it. It’s because he stole client money and donated to your party.”
Potential Political Overreach?
Further, Fenton cast light on Gensler’s possible political inclinations. Drawing on Gensler’s past associations with political fundraising activities, particularly during the time of Hillary Clinton, and alleged involvement with the Steele dossier, Fenton conveyed his reservations regarding Gensler’s role and decisions at the SEC.
The cryptocurrency sector’s treatment under Gensler’s watch was another point Fenton emphasized. He asserted that Gensler’s approach has sidelined a large portion of this burgeoning industry, pushing it overseas. The Chairman’s call for transparency, Fenton noted, seems to be a one-way street.
