Cryptocurrency exchange Gemini co-founder Tyler Winklevoss claims the damage caused by United States Securities and Exchange Commission (SEC) chair Gary Gensler to the crypto industry is irreversible as speculation mounts that Gensler may resign.
“Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss declared in a Nov. 15 X post. “He should never again have a position of influence, power, or consequence,” Winklevoss added.
Winklevoss’ remarks follow growing optimism among crypto market participants that Gensler, a well-known crypto skeptic, may resign after Trump’s win in the US presidential election on Nov. 5.
Gensler’s behavior cannot be excused as ‘good faith,’ Winkelvoss claims
Winklevoss claimed that Gensler’s behavior cannot be excused as “good faith mistakes” before arguing that it was “entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
Source: Tyler Winklevoss
During Gensler’s time as SEC chair, crypto firms like major exchanges Binance and Coinbase, Ripple, among others, have faced ongoing legal battles from the regulator. Winklevoss argued that Gensler took the regulation-by-enforcement approach to the crypto industry, showing little regard for anyone working in the sector:
“Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more, ironically, his sociopathic ambition ended up torching his own political party.”
Echoing a similar sentiment to Winklevoss, Consensys CEO Joseph Lubin recently told Cointelegraph, “We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC.”
Backlash toward Gensler continues to grow
MicroStrategy founder Michael Saylor believes whoever takes Gensler’s job has the “most pivotal role” in the crypto industry.
Related: SEC chair doubles down on crypto stance under threat of Trump ousting
“I think this is incredibly bullish for digital assets,” Saylor added.
Reuters reported on Nov. 7, citing people with knowledge of the matter, that Robinhood’s legal chief, Dan Gallagher, is currently the Trump team’s frontrunner to replace Gensler.
Meanwhile, on Nov. 14, eighteen US states filed a lawsuit against the SEC and Gensler, accusing the financial regulator of “gross government overreach” against the nascent crypto industry.
The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana and others.
Magazine: Off The Grid’s success shows ‘invisible’ blockchain is the winning play