What do you believe is the single most important factor driving up the cost of living in Nigeria?

Anthony Scaramucci, the founder of SkyBridge Capital and prominent cryptocurrency advocate, has publicly called for the resignation of SEC Chair Gary Gensler.

What Happened: In a tweet posted on Thursday, Scaramucci stated bluntly, "Gary Gensler please resign for the sake of the country."

This message comes amid mounting criticism from the cryptocurrency community and key figures over Gensler's approach to regulating the digital asset space.

The context for Scaramucci's tweet appears to be a growing frustration with the SEC's "regulation through litigation" strategy under Gensler’s leadership.

This sentiment was echoed by billionaire investor Mark Cuban, who in a separate tweet said, "I talked to the Harris team today who told me in no uncertain terms that they are against ‘regulation through litigation.' CYA Gensler. You leaving is worth a point in GDP growth."

Cuban's criticism aligns with his earlier comments following Gensler's tense exchange with Rep. Ritchie Torres (D-N.Y.) during a House Financial Services Committee hearing.

Mark Cuban has been vocal in his disapproval of Gensler's handling of cryptocurrency regulation, particularly after the SEC Chair faced scrutiny from lawmakers regarding his stance on NFTs and digital assets.

During a House hearing, Rep. Torres questioned Gensler on the SEC's approach to regulating NFTs, comparing them to buying event tickets, which did not elicit a clear response from Gensler.

Cuban seized on this exchange to argue that Gensler's regulatory methods were damaging both to the crypto sector and to broader economic growth, suggesting his departure could lead to an improvement in GDP.

Cuban's concerns revolve around the SEC's reliance on the Howey Test to classify cryptocurrencies as securities, a move that many crypto advocates, including Cuban and Scaramucci, believe stifles innovation and imposes legal uncertainty.

Cuban has also claimed that the Kamala Harris campaign firmly opposes Gensler's approach of regulating crypto through litigation rather than providing clear guidance.

He previously called Gensler "a blight on the technology community," stressing the need for more supportive regulation for the rapidly growing industry.

Scaramucci's call for Gensler's resignation adds to the growing chorus from cryptocurrency advocates who argue that the SEC's regulatory methods under his leadership have been overbearing.

The agency has pursued several high-profile enforcement actions against cryptocurrency firms, which critics believe hampers the sector's development.

Even within the SEC, pro-crypto Commissioner Hester Peirce has voiced concerns, arguing that the agency's aggressive enforcement tactics compromise its institutional integrity.

What’s Next: As the future of crypto regulation hangs in the balance, key industry leaders will gather at Benzinga's Future of Digital Assets conference on Nov. 19 to discuss the path forward.

• Read More