Biden Might Dismiss SEC Chair Gary Gensler Over Debx Debacle, Says Fox Business Host

IconCryptoNewsTerminal Staff29 May, 2024

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Biden Might Dismiss SEC Chair Gary Gensler Over Debx Debacle, Says Fox Business Host

Eleanor Terrett, a Fox Business host, reported on Twitter that she had been informed by ex-SEC staff that the SEC Chair is treated differently than other independent agencies in the United States because the President appoints the chair of the five commissioners. In light of the SEC's handling of the "abusive #DeFi #ICO lawsuit against @DebxCorp," Terrett poses the question: "does President Biden remove Chair Gary Gensler?" Normally, heads of independent agencies have set terms that are determined by Congress and cannot be removed except "for cause." The news follows a US court dismissing the case against Debx and ordering the SEC to pay $1.8 million in legal fees.

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