Gary Gensler is not having the best 2023. The Securities and Exchange Commission (SEC) chair and his agency have taken some serious hits in the courts lately when it comes to crypto industry enforcement.

Which leads to a question. Could Gensler leave, on one set of terms or another, before his tenure officially ends in 2026?

SEC Lost in Groundbreaking Ripple Case

The most recent blow to the SEC came as an appeals court called out inconsistencies in the agency’s rationale for denying a Bitcoin exchange-traded fund conversion sought by Grayscale. The SEC had previously approved bitcoin futures-based ETFs. However, the agency could not explain why it wouldn’t do the same for a spot ETF. Hence, the court gave Grayscale a victory.

To add insult to injury, on August 30, Senator Warren Davidson (R-OH) renewed his calls for Gensler to resign.

An even bigger blow was the SEC’s loss to Ripple. The preliminary court decision challenged the SEC’s broad assertion that most cryptocurrencies are securities. A court ruled that XRP was not a security when sold to investors on an exchange, a huge win for the industry.

While the court drama isn’t over, a final defeat in the Ripple suit could prove devastating for the SEC. More significantly, each adverse ruling exposes flaws in the SEC’s legal theories and enforcement strategies under Gensler.

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Author: Josh Adams

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