Gemini co-founder Tyler Winklevoss ripped into the Securities and Exchange Commission (SEC) Chairman Gary Gensler, branding him “evil.” The Gemini executive took to his X handle to say that the damage the SEC boss caused is irreversible and he faces an uncertain future. Donald Trump already promised to fire Gensler when he takes office.
According to his post on X, Tyler Winklevoss said Gensler should never be tasked with holding a position like that in the future. His comments come amid growing optimism that Gensler may be in his last few months as the agency’s boss.
Gensler has one more year on his term but has indicated that he will step down when the Trump-led admin takes charge.
Gensler’s behavior is unacceptable, Winklevoss says
In his post, Tyler Winklevoss clarified that the behavior of the SEC boss over the last few years is unacceptable. He said it cannot be seen as mistakes made in good faith because he deliberately thought it out to fulfill his personal and political agenda.
He noted that the public should be ready to boycott any organization that employs him in the future.
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
According to Winklevoss, staying away from him is the perfect way to ensure he doesn’t have the opportunity to misuse power again. He claimed that Gensler didn’t care about the consequences of his actions, in a bid to fulfill the ambitions of his party. “Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more,” he added.
Winklevoss noted that Gensler’s actions ironically destroyed his political party.
During Gensler’s reign as SEC Chair, the agency made it its sole ambition to go after major firms and crypto exchanges with claims the industry maintains are bogus. Firms like Coinbase, Binance, and Ripple have faced legal actions from the agency, with some still battling caught in the legal maze.
For example, the SEC chose to file an appeal to overturn the verdict that cleared Ripple of the agency’s charges months ago.
Winklevoss said that Gensler used enforcement to regulate the sector, regardless of whatever or whoever was working in the industry.
Consensys CEO Joseph Lubin shares his sentiment. In a recent interview, Lubin said that the crypto sector has been gas-lit by the SEC for a long time.
Tyler Winklevoss also noted that no apology will be enough to salvage the wreck he has caused. Aside from noting that he has no place in a working America in the future, he clarified that the people are fed up with the taxes going to a government that is against them. He mentioned that people like Gensler should be stopped once and for all.
Crypto community optimistic about a new pro-crypto SEC Chair
Major players in the crypto industry are now looking forward to a life without Gensler at the helm. Microstrategy CEO Michael Saylor has voiced his opinion, noting that Gensler’s replacement has the most important role in the crypto industry. Saylor added that a pro-crypto SEC Chair will be bullish for digital assets.
According to a Reuters report, citing sources familiar with the development, Robinhood’s chief compliance officer, Dan Gallagher, is currently in the running to replace Gensler. Others are former SEC Commissioner Paul Atkins, and Robert Stebbins, who served as SEC general counsel during Trump’s first stint as President. Although SEC Commissioner Hester Peirce was touted for the job, she has said she isn’t interested.
Meanwhile, eighteen states in the US filed charges against the SEC and Gensler on November 14. The states accused the agency of gross government overreach regarding the crypto industry. The states include Nebraska, Texas, Montana, Iowa, Wyoming, and others.
“The Securities and Exchange Commission (SEC) has not respected this allocation of authority. Instead, without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions,” the legal complaint read.
