For some reason, the rumour of replacing the infamous US SEC chief Gary Gensler has had a very positive effect on the crypto market, where suddenly bulls jumped after fighting the bears.
There Are Big Reasons For The Rumour
The rumour of Gary Gensler's removal as the SEC chair didn't just go around; there are big reasons, like the Hinman speech, in which Gary himself made it clear that most cryptos are not securities. Recent unilateral actions by the SEC have also caused outrage in the crypto world, such as allowing BlackRock to have a spot Bitcoin ETF even though similar requests from the crypto industry were rejected on ample excuses.
Altcoin, Declared A Security, Also Got The Green Light
Gary Gensler's unpopularity in the crypto world is such that the mere rumour of his removal has brought relief to altcoins that were declared securities by the SEC; their values have also increased. Such positive results have started coming in the crypto world that it seems that if Gary is actually removed, then the results will be better.
Gensler Be Removed?
This is a complicated subject. Two Republican representatives (Warren Davidson from Ohio and Tom Emmer from Minnesota) introduced the "SEC Stabilisation Act" , a bill that will eliminate the chair of the SEC and replace it with an executive. It is not yet certain whether Gary can be removed, as there has been no discussion on the bill. It is to be considered that this bill, in the name of only Gary, should not destroy the independence of the SEC from political pressure.
