SEC sues Ethereum exchange Bittrex over operating unregistered securities, congress wants to fire Gary Gensler

• Leading crypto exchange Bittrex has been charged by the SEC for failing to follow regulatory requirements. 
• Meanwhile, Gary Gensler, the current SEC chairman remains in the bad books of his colleagues.

This week has been a heated one for the entire cryptocurrency community, particularly because of the recent developments centering on regulation. In a shocking move, it was revealed that one of the leading exchanges in the United States was facing pushback from the SEC.

According to a recent announcement, the United States Securities and Exchange Commission (SEC) has charged Bittrex exchange over its alleged unwillingness to comply with regulatory policies.

The SEC maintains that the exchange was filed due to its failure to register as a dealer-brooker, an exchange, and a clearing agency. As a result, Bittrex has secured a minimum of $1.3 billion between 2017 and 2022 in illicit profit. The charges include Bittrex, Bill Shihara the previous CEO and co-founder of Bittrex, and Bittrex Global.

Speaking to Decrypt, a crypto media outlet, a spokesperson from the crypto exchange high listed their disappointment in the SEC’s decision to take action against Bittrex. The spokesperson went on to assert that the action taken by the SEC, on the cryptocurrency exchange, would have a lasting impact on the entire cryptocurrency community in the future. The spokesperson said.

We are disappointed with the SEC’s decision to bring an enforcement action against Bittrex as part of Chairman Gensler’s larger crusade to drive cryptocurrency out of the United States. The impact of the SEC’s approach of regulation by enforcement will have a chilling effect on not just cryptocurrency in the United States, but on blockchain technology and innovation in general.

Will Gary Gensler resign before he is fired?

Meanwhile, the crypto industry is recording another notable chaos with the SEC’s current chairman Gary Gensler. Gensler, who has been on the receiving end of a lot of criticism from the entire crypto community, might be losing his job as the SEC chairman.

As recently reported, a U.S. lawmaker revealed plans to put forward legislation that will send Gensler out of office. His statement comes as both members of the SEC and members of the crypto community highlight their disappointment in the SEC’s constant pushback on the cryptocurrency industry.

Prior to the new development, many proponents in the Cryptocurrency industry, half called for the resignation of Gary Gensler. Taking it even further, it was predicted earlier this year that Gary Gensler will resign from his current position this year.

Ben Armstrong, the creator of BitBoy crypto made the call earlier this year. Armstrong predicted that Gensler will be forced to resign and that the “Ripple curse” will be broken this year.

His sentiments are not foreign amongst other Ripple supporters, who have been widely affected by the long-standing Ripple Vs SEC lawsuit. As the year progresses, XRP players have remained hopeful that the case will come to a close this year and that Ripple will emerge successful.

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