(TheStreet) - As his tenure nears its end, U.S. Securities and Exchange Commission chair Gary Gensler is weathering a glut of new criticism from prominent figures in the crypto industry. Gensler is reportedly considering an imminent resignation to preempt a potential dismissal by President-Elect Donald Trump in the coming weeks, a move applauded by the digital asset sector.
“Let’s all be clear on one thing. Gary Gensler is evil,” Tyler Winklevoss, co-founder of the Gemini crypto exchange posted on social media. “He should never again have a position of influence, power, or consequence.”
Winklevoss might still be bristling over the SEC’s enforcement action against Gemini last year, when the SEC charged Gemini and its partner Genesis with offering “unregistered securities” through the Gemini Earn crypto lending program, allegedly violating disclosure and investor protection laws. “We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler in January 2023. Separately, Gemini settled with the New York Department of Financial Services, agreeing to a $37 million fine and pledging to refund more than $1 billion to affected customers as part of restitution efforts.
On social media, Winklevoss emphasized the negative impact of Gensler’s seemingly harsh regulatory actions, pointing out that the top markets regulator effectively “nuk[ed] an industry, tens of thousands of jobs, people’s livelihoods, [and] billions of invested capital.”
"[I]ronically, his sociopathic ambition ended up torching his own political party,” Winklevoss said.
The Gemini co-founder also underlined that Gensler was not merely engaged in “good faith mistakes,” instead highlighting that his string of enforcement actions were “entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
Trump is widely expected to supplant Gensler soon with a pro-crypto markets chief, with possibilities like Robinhood’s current legal chief, Dan Gallagher, emerging as potential contenders.
By Sabrina Toppa
