The co-founder of crypto exchange Gemini has some strong words for Gary Gensler, the chair of the U.S. SEC.
In a thread on X, Winklevoss declared that Gensler’s actions have caused irreversible harm to the crypto industry, especially as rumors swirl about Gensler possibly resigning.
Gensler’s reputation under fire
“Let’s be clear on one thing: Gary Gensler is evil,” Winklevoss stated plain and simple.
He believes that Gensler should never hold a position of influence again, and his comments come amid growing optimism in the crypto community that Gensler, known for his skepticism towards digital currencies, might step down following Trump’s election win.
Winklevoss insists that Gensler’s behavior can’t be brushed off as mere good faith mistakes.
Instead, he argues it was all part of a calculated plan to push his personal political agenda, no matter the cost to the crypto industry.
The fallout from Gensler’s leadership, aka how to f*ck up an entire sector
Under Gensler’s rule, major crypto exchanges like Binance and Coinbase have faced ongoing legal challenges.
Winklevoss criticized Gensler’s regulation-by-enforcement approach, which he claims has disregarded the livelihoods of thousands in the industry.
“Even if it meant destroying an industry and costing billions in investments, his ambition ended up backfiring on his own political party.”
Echoing Winklevoss’s sentiments, Joseph Lubin, CEO of ConsenSys, remarked that the crypto community has been living in a gas-lit world thanks to the SEC’s actions.
Public enemy?
The backlash against Gensler is intensifying. MicroStrategy founder Michael Saylor weighed in, stating that whoever takes over his position will play a central role in shaping the future of the crypto industry. This is incredibly bullish for digital assets, Saylor added.
On November 14, eighteen U.S. states filed a lawsuit against the SEC and Gensler, accusing them of gross government overreach in their treatment of the crypto market.
States involved include Nebraska, Tennessee, and Texas, among others.
Gensler has been at the helm of the SEC since 2021 and is expected to serve until 2026.
But now speculation about his resignation is rampant, with some suggesting it could happen around Thanksgiving in the U.S. or before Trump’s inauguration in January.
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