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Trader Peter Brandt blasts SEC boss Gary Gensler once again – crypto.news

Trader Peter Brandt expressed doubts about U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and the agency’s ability to adequately protect investors.

Brandt highlighted Gensler’s involvement in the MF Global bankruptcy on social media. Brandt said Gensler allowed his clients to commingle their funds.

He also singled out Gensler, who was chairman of the Commodity Futures Trading Commission (CFTC) at the time of Peregrine Financial’s collapse.

Read Brandt’s comments below.

Mr. Gensler served as CFTC chairman for several years after the 2008 financial crisis. From May 2009 to January 2014, he was a key proponent of unregulated swap market reform that devastated companies such as AIG and Lehman Brothers.

Mr. Brandt previously tweeted furiously about Mr. Gensler, MF Global and Mr. Peregrine.

And Brandt is just one of many crypto enthusiasts who regularly criticize Gensler, who is known for his strict regulation of crypto markets.

In 2011, Mr. Gensler found himself caught up in the aftermath of a pivotal event in the financial world: the MF Global bankruptcy.

MF Global, a major player in the financial industry, has filed for bankruptcy after a series of high-risk transactions left a $1.2 billion hole in customer funds.

Gensler’s actions leading up to bankruptcy and subsequent response were harsh. scrutiny and criticism.

Following MF Global’s bankruptcy filing on October 31, 2011, Mr. Gensler chose to recuse himself from the CFTC investigation. His decision stemmed from his previous professional ties to former MF Global CEO Jon Corzine, who worked with Gensler during his time at Goldman Sachs Group in the 1990s. There is.

However, Gensler defended himself before the Senate Agriculture Committee, explaining that while he initially refrained from retracting, he took action as soon as the CFTC began preparing for possible civil and criminal charges.

He assured MPs that there was no legal or ethical reason for the General Counsel to resign, but that he had chosen to do so anyway to avoid confusion in the media and press.

Aside from the MF Global story, Gensler has also been on the receiving end of Republican criticism. Last year, for example, House Republican Leader Tom Emmer reaffirmed his support for a bill aimed at removing Gensler from his SEC post.

The bill was introduced by Republican Congressman Warren Davidson. This was in response to Gensler’s regulatory stance on cryptocurrencies, which is seen as overly restrictive by some in the industry.

Another example involved Ripple CEO Brad Garlinghouse, who challenged the SEC’s authority over cryptocurrencies and argued that the SEC was straying from its mission to protect investors.

Many members of Congress have also voiced criticism of Gensler due to ambiguity surrounding the watchdog’s strategy for regulating cryptocurrencies. They expressed concern about the potential impact of the agency’s decisions on both innovation and consumer protection.

Meanwhile, Gensler continues to push for increased funding to better oversee the crypto sector.

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