Trump Now Says He Will Fire SEC Chair Gary Gensler
Trump now says he will fire SEC Chair Gary Gensler, after making an appearance at this year’s Bitcoin conference in Nashville, Tennessee.
In his address at the Bitcoin 2024 conference in Nashville, Tennessee, former President Donald Trump made a direct appeal to the cryptocurrency community.
He promised to take several actions if elected, which are aimed at addressing the concerns of the crypto industry.
Specifically, Trump stated that he would put an end to the “persecution” of the crypto sector, which he attributes to the current administration’s “crusade” against bitcoin.
He also pledged to remove the chair of the Securities and Exchange Commission (SEC), likely referring to the agency’s heightened scrutiny and enforcement actions against various crypto companies and activities.
“On day one, I will fire Gary Gensler,” Trump said to a massive roar from the roughly 5,000 people seated in the audience.
“I pledge to the bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” said Trump.
Furthermore, Trump promised to “free” a convict who is viewed as a martyr within the cryptocurrency community.
This is likely a reference to the case of a prominent figure who has been convicted and imprisoned, but is seen by many in the crypto space as a victim of unjust persecution.
This appeal to the crypto community is part of his broader effort to rally support from this influential segment of the electorate ahead of the 2024 presidential election.
However, investors in the stock market communities have also scrutinized Gary Gensler for his inactivity in tackling stock market manipulation.
Particularly in his disengagement from the MMTLP scandal.
What are your thoughts on Trump’s promise to fire Gary Gensler?
Leave your thoughts below.
Also Read: South Korea Now Finds Banks Pursued Illegal Shorting Scheme
Other Stock Market News Today
Notorious short seller Bill Hwang now faces a painful testimony by his head trader who states the hedge fund manager encouraged illegal trading.
Bill Hwang’s top trader at Archegos Capital Management gave damning testimony against the boss, telling a jury Hwang told him to do “the opposite” of what a “normal fund” would.
William Tomita took the stand Monday for what’s expected to be several days of testimony as the prosecution’s star witnesses in a criminal case against Hwang over the spectacular implosion of Archegos in 2021, reports Bloomberg.
He immediately admitted committing “financial crimes, namely market manipulation and lying to banks,” then implicated Hwang.
“I was directed to do so by my former boss,” Tomita said, identifying Hwang in court.
Of the major witnesses, Tomita worked most directly with Hwang himself and is therefore key to connecting the Archegos founder to the charged conduct.
Tomita said Hwang told his traders to use tactics that would maximize the effect on share prices, rather than gradually building their positions at the lowest cost and trying to minimize the impact of their own trading on the market.
At Archegos, Tomita said, he could see the effect of the volume of the firm’s trades versus others and knew he was moving the market. “I could see that it was me that generated the stock price,” he testified.
Hwang and his co-defendant, former Chief Financial Officer Patrick Halligan, have pleaded not guilty and are in the fifth week of testimony against them in their trial in lower Manhattan.
Hwang’s legal team claims he used multiple counterparties to minimize risk, not to improperly maximize leverage or conceal the nature of their trading as the government contends.
Halligan, the CFO, had no role in trading but is charged in connection with Archegos’ alleged lies to bank counterparties.
However, another key government witness, former chief risk officer Scott Becker, has already told the jury he duped banks into believing the firm’s positions were far less risky than they were.
In the end, Archegos’ meltdown would cost banks including Morgan Stanley $10 billion and help bring down Credit Suisse Group AG.
Tomita, who handled the trading on which the case against his former boss turns, provided a window into the tactics that catapulted Hwang’s fortune from $1.5 billion to $36 billion in the year before the firm’s collapse.
Stock market manipulation on Wall Street has gained more attention since the ‘meme stock’ frenzy of 2021.
The question now is, what are our regulators going to do about it?
Also Read: Massive Banks Are Now Getting Fined For Illegal Short Selling
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