The current chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler who recently stepped up his push to get crypto trading platforms to register with the Wall Street regulator, is facing massive criticism after being accused of market manipulation by Citadel Securities & Citadel Market Maker.
While he is accused of shorting crypto-focused stocks like AMC Theatres and GameStop through Vanguard Group and BlackRock, the SEC chair is facing a Change.org petition.
According to the petition, SEC Chairman Gary Gensler should resign as he failed to protect retail investors from fraud because of “naked short selling and dark pool abuse” by Citadel Securities & Citadel Market Maker.
In a video earlier, Gensler stated that he has asked the agency’s staff to collaborate with digital-asset exchanges to ensure that they are “regulated much like securities exchanges.”
“We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market,” he tweeted.
At the time of writing, ‘Fire Gary Gensler as SEC Chairman for obstruction of justice’ has received over 19,000 votes.