{"id":84630,"date":"2023-09-18T14:34:59","date_gmt":"2023-09-18T11:34:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84630"},"modified":"2025-09-12T18:33:04","modified_gmt":"2025-09-12T15:33:04","slug":"media-accuse-gary-gensler-of-turning-the-sec-into-a-banana-republic","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-accuse-gary-gensler-of-turning-the-sec-into-a-banana-republic\/","title":{"rendered":"Media accuse Gary Gensler of turning the SEC into a banana republic"},"content":{"rendered":"

The head of the SEC<\/span> Gary Gensler deserves a place in the United States\u2019 banana republic Hall of Fame. Journalists at the New York Post<\/a> say so.<\/p>\n

The outlet drew parallels between the agency’s policy and the corrupt dictators of peripheral countries who control the economy and jail their opponents.<\/p>\n

Such accusations were grounded in the SEC’s chosen enforcement-driven approach to regulating the crypto industry.<\/p>\n

The agency proposed to broaden disclosure requirements to include information on how companies address climate change and pursue other progressive policy aims.<\/p>\n

The SEC is cast as the \u201cSheriff of Wall Street,\u201d but he ignored the obvious pump-and-dump<\/a> in meme stocks, which deprived a generation of retail investors\u2019 savings, the New York Post continued.<\/p>\n

Journalists hardened their view that the SEC could be associated with a \u201cbanana republic\u201d after the prosecution of the HFT<\/a>-market maker Virtu for an accounting violation, portrayed as the crime of the century.<\/p>\n

The publication noted that the company is led by Doug Sifu, a staunch critic of the agency’s head.<\/p>\n

Thanks to Virtu’s data streams, brokers such as Charles Schwab and E*TRADE were able to lower fees for investors, and Robinhood even zeroed them. Unlike other top Wall Street executives, Sifu was always open to revealing how the market works, the journalists emphasised.<\/p>\n

Sifu’s stance created discomfort for Gensler, who was nurturing \u201cgrand plans to rebuild the stock market.\u201d It was seen as necessary to \u201cwin points\u201d at the expense of Wall Street\u2013hatred politicians such as influential Senator Elizabeth Warren.<\/p>\n

According to the publication, Sifu openly told the SEC chief that his approach could put investors in a bind \u2014 he is trying to \u201cput in order\u201d what is already \u201cworking well.\u201d As a result, in September the Commission \u201cuncovered\u201d violations in Virtu’s operations.<\/p>\n

The New York Post calls the current attack on the company \u201cunconvincing.\u201d They cited an investigation into the firm in 2018-2019 that did not substantiate the suspicions of wrongdoing.<\/p>\n

The publication noted that in most such claims the matter does not go to court. But not in this case, where there is an obvious desire by Gensler to force the company to admit to serious criminal charges.<\/p>\n

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\u201cNow the case will most likely go to court, where a decision will be made on whether the markets will be allowed to transform into the status of a banana republic,\u201d<\/em> the journalists concluded.<\/p>\n<\/blockquote>\n

According to BrightScope co-founder Mike Alfred, citing one regulator insider, Gensler told friends and advisers that he would like to gracefully extricate himself from his \u201cpersonal Vietnam.\u201d The head of the agency expressed a wish to approve one or more spot Bitcoin-ETF<\/a> from major fund companies, into which he could move after his resignation.<\/p>\n

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JUST IN:<\/p>\n

SEC insider says chief Gary Gensler has told friends and advisors that he would like to gracefully extricate himself from his \u201cpersonal Vietnam\u201d by approving one or more spot Bitcoin ETFs from the major fund companies where he hopes to get a job after leaving the agency<\/p>\n

\u2014 Mike Alfred (@mikealfred) September 17, 2023<\/a><\/p><\/blockquote>\n