Gemini’s Tyler Winklevoss joins the growing chorus of crypto personalities calling out Chairman Gary Gensler of the Securities and Exchange Commission (SEC).
In a Twitter/X post, the Gemini co-founder lashed out at the agency’s chief, calling him “evil.” In the same post, he shared that Gensler should not be allowed to hold any position of power, and any organization that hires Gensler should be boycotted for betraying the cryptocurrency industry.
This isn’t Gensler’s first criticism on social media, notably Twitter/X. Many crypto personalities and political leaders have called on Gensler’s resignation or outright removal for his “aggressive regulatory approach” towards the crypto industry.
Let’s all be clear on one thing. @GaryGensler is evil. He should never again have a position of influence, power, or consequence. Any company, university, or organization that hires or works with him post-SEC is betraying the crypto industry and should be boycotted aggressively.…
— Tyler Winklevoss (@tyler) November 16, 2024
Gary Gensler: Widely Hated In The Crypto Industry
Gary Gensler joined the SEC with a wealth of experience and an understanding of the entrepreneurship, in particular the crypto space. However, as many persons involved in the industry have put it, him being overtly regulatory has raised eyebrows.
Gensler oversaw as the agency filed 104 enforcement actions against cryptocurrencies and related firms. His aggressiveness in regulation, however, has raised several red flags to developers and crypto enterprises, bearing negative consequences on their programs going forward.
Beyond these enforcement actions, the aggressive campaign by the SEC has been very costly and time-consuming to the respondents. Reports indicate that the targeted crypto companies spent over $429 million and countless hours fighting against these legal roadblocks. With this in mind, Winklevoss joined others who criticize Gensler and call for his resignation.
Gensler is ‘Evil’ And No Apology Can Undo The Damage: Winklevoss
Winklevoss is one of Gensler’s vocal critics, calling for the SEC chair’s ouster. The Gemini co-founder claims that Gensler has caused immense and irreversible damage to the crypto industry.
Gary Gensler is “evil,” he says, and he should not be allowed to hold another position of power or influence in the future. Any organization that hires Gensler betrays the crypto industry, adds Winklevoss.
He then asks his followers to boycott the companies that will employ Gensler in the future. Winklevoss’ post comes days after 18 US states have filed a case against him for constitutional overreach.
Will Gary Gensler Resign?Gary Gensler has been the agency’s chair since 2021 and still has two more years to complete his term. However, news and rumors about his resignation and replacement began circulating immediately after Donald Trump’s re-election. Many in the industry speculate that Gensler may announce his resignation before Thanksgiving or before Trump’s January inauguration.
Ripple Lab’s James Murphy has shared his thoughts on Gensler’s possible resignation. He adds that there have been instances when a chairman has resigned ahead of the new presidential administration. Murphy used the resignations of Jay Clayton in 2020 and Mary Jo White in 2016 to support his observations.
Featured image from CNBC, chart from TradingView