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Bitcoin United States

SEC Chair Gary Gensler To Step Down (axios.com) 81

Posted by msmash from the end-of-an-era dept.
Gary Gensler will step down as chair of the U.S. Securities & Exchange Commission at noon on Inauguration Day, the agency announced on Thursday. From a report: Gensler has had an aggressive tenure, marked by controversial rulemaking and a combative approach with the cryptocurrency industry.
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SEC Chair Gary Gensler To Step Down More

SEC Chair Gary Gensler To Step Down

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  • You have an overgrown graphics card maker worth more most countries economies, plus cryptocurrencies speculating on the Trump presidency. You shouldn't trust money at all, as to the "machine" it is all worthless. So is human intelligence as the masters degree unemployment story posted earlier proves. 1929 is coming up to a 100 years now, and we are going to make a huge sequel.

    • 1929 is coming up to a 100 years now, and we are going to make a huge sequel

      ...thanks to Ponzishittification of finance!

      • Speculation:

        The 2018 election losses at all levels reshaped the Republican party by helping retire thousands of 'in office for life' federal, state, county, city and local office holders
        The 2024 elections will do somewhat of the same for the Democrats.

        The boomers and greatest generation have begun exiting the political sphere in large numbers and will be much smaller by 2030.

    • That was 1973.

      Look up: "The Everything Bubble".

      pop.

  • This piece isn't even worthy of a "slownewsday" mod - it's downright offtopic. It's not a story for nerds, but rather a story for herds.

    • Just words and turds for the birds.

    • Really?

      The guy who unconstitutionally abused his power to shut down several tech companies by pretending things like earning commissions on videos was "issuing securities"? When it was really about censoring voices that YouTube deplatformed?

      The guy who drew thunderous applause when Donald told a Fintech conference he'd fire him on Day One?

      Nothing to do with a tech news site?

      Really?

      Wait, you're not at SEC, are you? Word to the wise if you are: lawyer up. Conspiracy against Rights is going to be heavily pr

  • Good riddance (Score:1, Troll)

    by CEC-P ( 10248912 )
    Thinking all crypto is the devil and if you pretend it doesn't exist, it goes away while doing fuck all about rug pull scams. He literally could not have done a worse job.

    • Re:Good riddance (Score:5, Informative)

      by fahrbot-bot ( 874524 ) on Thursday November 21, 2024 @02:46PM (#64963075)

      Thinking all crypto is the devil and if you pretend it doesn't exist, it goes away while doing fuck all about rug pull scams. He literally could not have done a worse job.

      He probably could and I'm guessing the next guy will show us how.

    • I'm still confused why people think currency not backed by anything(even a government) isn't a scam...

      • This is brought to you by the minds of a currency which *is* backed by the government being the scam. The entire premise of their belief is false and fuelled by a conspiracy nurtured through a complete lack of understand of basic economics.

      • Well the value of national currencies is backed by roughly speaking the real value per year of the economic churn (exchange) in the world that uses that national currency as its unit of exchange.

        If a whole bunch of global commerce ended up getting transacted using a cryptocurrency as the mechanism and unit of exchange, I don't see why that couldn't also have intrinsic value.

        In the national currency case, also, we have to remember that a huge percentage (is it 90% o something) of the total value being used i

    • Don't worry, we'll get a new guy with the capability to do a worse job.

  • If you voted for this you'll probably regret it (Score:5, Insightful)

    by rsilvergun ( 571051 ) on Thursday November 21, 2024 @01:48PM (#64962907)
    Lots of old farts here, so some of us will die before the shit hits the fan, but let's talk about that shit and that fan.

    They're going to do securities backed by crypto. Like the mortgage backed securities that caused 2008.

    If you think the 2008 crash was bad wait until they do it with pretend money and DOGE coin.

    Again, if you're dead you win. You get to vote for insane shit and stick it to the libs or whatever and zero consequences.

    But I think most of us are going to be around for the consequences of our actions.

    And all this before we talk about what's going to happen to interest rates when those tariffs hit. Remember, high interest rates fight inflation by causing mass layoffs.

    Have run applying for a new job at 50. Especially after the gut the labor board and age discrimination is legal.

    • The labor board, if it continues to exist, will become what all other government agencies are slowly becoming, shills for the corporations and the billionaires that own them. The rest of us don't deserve a voice. If we wanted one, we should have been born rich or lucked our way into wealth like those already at the top.

    • And all this before we talk about what's going to happen to interest rates

      I like having reasonably high interest rates.

      That means money I need to be liquid that is sitting in savings accounts actually makes money there, like it did in the older days when Iw as a kid.

      I remember it was natural to have home mortgages in the 10% range back in the 70's or so....and people bought and sold houses just fine then.

      So, having some interest out there, I don't see anything wrong with that. The problem is, it was ar

      • Re: (Score:2)

        by Sebby ( 238625 )

        I remember it was natural to have home mortgages in the 10% range back in the 70's or so....and people bought and sold houses just fine then.

        Ignoring the fact that wages have been continually suppressed since that time, such that they didn't keep pace with inflation.

        • Re: (Score:2)

          by jbengt ( 874751 )

          Ignoring the fact that wages have been continually suppressed since that time, such that they didn't keep pace with inflation.

          Median wages have overall risen faster than inflation since the late 70s. [americanprogress.org] More specifically, the real inflation-adjusted wages went down from the mid 1970s to 1983, stayed more or less steady during the Reagan-Bush years, went up during the Clinton presidency, went down during Bush 2, back up during Obama and early Trump, swung wildly up and down for Covid, [statista.com] and started to go back u

      • I remember it was natural to have home mortgages in the 10% range back in the 70's or so.

        Close. It was in the 80s during Reagan's two terms [themortgagereports.com] and Paul Volker went apeshit to bring rates down.You will note that is the ONLY time rates were above 10% in the past 50 years (though still above 10% during the first Bush presidency, but falling).

        and people bought and sold houses just fine then.

        You mean because Wall Street wasn't buying homes and keeping them off the market to drive up prices and flippe

      • Re: (Score:2)

        by jbengt ( 874751 )

        I remember it was natural to have home mortgages in the 10% range back in the 70's or so....and people bought and sold houses just fine then.

        That was the late 70s thru the 80s, [stlouisfed.org] and the housing market was sluggish then compared with times with lower rates.

      • Or your business collapses or it gets devoured by a larger business. Maybe you'll get the cash out. Survivorship bias is funny like that.

        Mortgages could be 10% in the '70s because you could buy a new house for an average of 180,000. And that was the average you could find lots much cheaper and rent was also much much cheaper. Hell in the mid '90s my mother bought a small three bedroom house for 60,000 and she overpaid for it because she had chronically low self-esteem and let herself be taken advantage

        • Mortgages could be 10% in the '70s because you could buy a new house for an average of 180,000. And that was the average you could find lots much cheaper and rent was also much much cheaper. Hell in the mid '90s my mother bought a small three bedroom house for 60,000

          People also make less money back then too....inflation and all raising prices today....it was still comparable back then housing prices to wages then....

          • Or did you think people in 1970 were buying houses for 180K? The non-inflation adjusted value was 23,000. And again that was the average. It would have been heavily skewed because of high value properties. If you want to sell me a house today for $150,000 at 10%. I'm all in I'll take it. And before you start talking about housing sizes you need to understand the housing market from the 1970s. People have large lots. Yes the houses were smaller when they were sold but people quickly built additions and thank

    • Re:If you voted for this you'll probably regret it (Score:4, Interesting)

      by Powercntrl ( 458442 ) on Thursday November 21, 2024 @03:11PM (#64963143) Homepage

      Musk literally admitted [marketwatch.com] that Trump's (and his, to whatever capacity Musk has to exert an influence) economic policies will cause a massive market crash. This was made news well before the election, but as usual, Fox [foxbusiness.com] put a positive spin on it and left out the whole "crashing the economy" part. When the market goes to shit, people who get their news from one source will receive exactly what they voted for, and low information voters are in for a rude awakening.

      • Musk was just being honest vs a politician... (Score:4, Informative)

        by King_TJ ( 85913 ) on Thursday November 21, 2024 @05:26PM (#64963485) Journal

        The fact is... I may not be a big Fox news follower, but they weren't necessarily wrong about any of this.

        Despite all the economic hardships people have been complaining about suffering over the last few years? You'll note the stock market has done amazingly well. And because of that, they keep making claims of a "strong economy" too.

        We've gotten pretty far from Wall Street success equating to automatic Main Street success.

        A lot of what Musk has been going on about has been a more libertarian concept, that Federal government needs to be reigned in and cut back. That plus Trump's tough talk about slapping tariffs on all Chinese imports means a VERY likely short-term reaction of a market crash.

        I think this is all very possibly what America needs right now as a "reset" on things? Just guessing (since none of us have a crystal ball), but I imagine Trump will only implement the blanket tariffs long enough to try to use them as a negotiating tool. You'll quickly see a lot of, "We'll waive it on item X and Y if we can get THIS in return." In areas where they're left in place? They'll at least have a long-term effect of people concluding that with no cheaper way to obtain those goods, it makes good sense to invest in gearing up production here in the U.S. (And to be honest? The Chinese are no fools either. For a lot of physically smaller, easier to ship items? You can bet they'll start "triangle shipping" where it goes out to a country not affected by the tariffs, who then turns around and ships orders to American buyers.)

        But really, all we've seen to date are companies making record profits while trimming the workforce to the bare minimum. People who are gainfully employed are typically expected to do the work of two people, or else they're let go and replaced with one of a line of people trying to get out from an even worse job, or unemployment. Most retail establishments and hotel chains are already hiring as many "part time" people as they can get away with, with maxed out weekly hours scheduled to come in JUST below legal requirements to make them full-time instead. They just want to dodge paying the benefits.

        Only "average citizens" winning are those who happen to be just the right age where they're retiring and cashing out 401Ks and IRAs.

        • America is not going bankrupt. We owe nearly all of the money to ourselves and what we don't owe to ourselves is debt overseas that we use to leverage and maintain the petro dollar.

          The reason we keep all that debt is because it makes the US dollar stronger abroad so we can have incredibly cheap imports. The interest we pay is dwarfed by the value of the imports we are underpaying for.

          That said if for some reason we ever decided to stop using economic imperialism and to pay off that debt in order to

        • A lot of what Musk has been going on about has been a more libertarian concept, that Federal government needs to be reigned in and cut back. That plus Trump's tough talk about slapping tariffs on all Chinese imports means a VERY likely short-term reaction of a market crash.

          I think this is all very possibly what America needs right now as a "reset" on things? Just guessing (since none of us have a crystal ball), but I imagine Trump will only implement the blanket tariffs long enough to try to use them as a negotiating tool. You'll quickly see a lot of, "We'll waive it on item X and Y if we can get THIS in return.

          So you're trusting a 78 year old man who bankrupt several casinos to understand the consequences of meddling in a complex global economy? Trump is the useful idiot to sign whatever they put in front of him. He's nothing more than a cult leader and tool to further the party goals.

        • I think this is all very possibly what America needs right now as a "reset" on things?

          This will not be a "reset". A "reset" requires money to be redistributed. The only thing that will happen from all of this is misery and war. Have fun letting the assholes run rampant.

          • Re: (Score:2)

            by King_TJ ( 85913 )

            If you hadn't noticed, the U.S. has been at war every year since 2001 through 2021. That means, people like my daughter, born in 2002, finished high school before she ever lived a year on the planet where we WEREN'T at war with someone.

            https://www.va.gov/opa/publica... [va.gov]

            So "misery and war" has been a staple item of this nation for quite some time....

  • The new nominee will be... (Score:5, Funny)

    by Tony Isaac ( 1301187 ) on Thursday November 21, 2024 @01:49PM (#64962909) Homepage

    SBF, of course! He's got crypto cred AND experience dealing with the SEC!

  • Guess he chose the weaker, easier path.
    • Yeah. Though to be fair to abdicating elites, the common clay of America have decided that they want what America's worst billionaires are selling. So why should Gensler invite four years of tax audits, when the Senate will allow a horse convinced of embezzlement and sex crimes to be his successor?

      The answer is that he is getting the audits no matter what. But hopefully less elite technocrats will have a bit more spine

    • Guess he chose the weaker, easier path.

      He's getting ahead of the convicted felon who will choose the weaker, easier path by telling Ukraine to surrender rather than telling Russia to get out of Ukraine.

  • Gensler has had an aggressive tenure

    Forget the Crypto drama.

    Under Ginzlers watch, MANY stocks suffered from very aggressive (and probably illegal) short selling. All reports to the SEC appear to have gone no-where.

    This is not just Tesla but lots of other stocks as well, and the SEC appeared not to care at all...

    The SEC appeared to have been captured by powerful interests that were able to run amok, so whatever comes next cannot be worse than what we are leaving.

  • Say what you want about Gensler (Score:5, Informative)

    by migos ( 10321981 ) on Thursday November 21, 2024 @06:06PM (#64963567)
    But he used to teach blockchain in MIT business school so he knows crypto better than most and he knows what he's doing. Crypto bros hate him because he understands the grift and is trying to protect Americans from the grift.

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