The main cryptocurrency “Algorand (ALGO) as a security” in a lawsuit against cryptocurrency exchange Bittrex, according to Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC). This revelation has sparked a response from the cryptocurrency world.
SEC Chair Gary Gensler in Trouble for Calling ALGO Security
Leaders in the cryptocurrency business, crypto aficionados, and members of the ALGO community have since shared their opinions on the topic on Twitter. They cited a prior incident in which Gensler referred to Algorand as a “great technology” that would allow users to create Uber and Lyft on top of it.
Political criticism has also been expressed against SEC Chair Gensler’s efforts to control the crypto-asset market. Representative Warren Davidson of the United States is the most recent respondent. He proposed legislation to terminate Gensler’s employment. Davidson stated in a tweet:
“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former Chairs of the SEC are ineligible.”
Warren Davidson’s Statement
The “The Hash” panel also discusses the potential outcomes. Additionally, Gensler’s failures to protect investors and abuse of authority, according to a recent tweet from Warren Davidson, demonstrate the necessity for an SEC reorganization.
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