June 15 (Cointime) - Gary Gensler, the chair of the Securities and Exchange Commission, has been accused of using media tactics to deflect attention away from crypto-related legislative proposals in Congress and onto his own agency.

The U.S. Securities and Exchange Commission has not yet decided whether to clarify new crypto rules following a request from Coinbase, the country's largest crypto exchange. The SEC stated in a filing that it "has not decided what action to take on Coinbase's rulemaking petition."

The SEC has reopened the comment period for a proposed set of rules that would classify blockchain protocols as regulated securities exchanges. Critics argue that the proposal is flawed and incompatible with existing regulations and an accurate understanding of blockchain technology.

Ohio Congressman Warren Davidson has introduced the SEC Stabilization Act, which aims to restructure the regulatory agency and remove Chair Gary Gensler. The bill is designed to streamline US capital markets and comes at a time when Gensler is facing criticism for his approach to enforcing laws on the crypto market.

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, has accused crypto firms of intentionally breaking rules and taking the risk of enforcement as a cost of doing business in the United States. He defended the SEC's recent enforcement actions and reiterated his belief that the majority of crypto tokens qualify as securities.

SEC Chair Gary Gensler says crypto is all "hucksters, fraudsters, scam artists."

Binance has reiterated its request for SEC Chair Gary Gensler to remove himself from the agency's case against the exchange due to his past interactions with Binance. The exchange claims that Gensler once offered to serve as an advisor to the exchange and had lunch with Binance CEO Changpeng Zhao in 2019 to discuss BNB and launching a US offshoot.

According to CNBC, Lawyers representing Binance and its founder Changpeng Zhao have claimed that SEC Chair Gary Gensler offered to serve as an advisor to the exchange in 2019. The allegations were made in documents filed by Gibson & Dunn and Latham & Watkins on June 7. Gensler reportedly had several conversations with Binance executives, including Zhao, in March 2019.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has criticized the non-compliant nature of the crypto markets and their false narrative of decentralization. He also pointed out the flaws in the business models of crypto platforms, which are often built on non-compliance and conflicts.

Crypto lawyer John Deaton has called on SEC chairman Gary Gensler to stop protecting the American public in light of recent regulatory actions against crypto firms. Deaton's comments come after the SEC filed a lawsuit against Ripple Labs, Inc. in December 2020, alleging that the company had conducted an unregistered security offering by selling XRP.