As a long-standing crypto investor with a decade of experience navigating the volatile world of digital assets, I can’t help but share my perspective on the ongoing feud between Gary Gensler and the crypto community, particularly Tyler Winklevoss’ recent outburst on Twitter/X.
Tycho Winklevoss, a partner at Gemini, has added his voice to the increasing number of cryptocurrency influencers who are speaking out against Chair Gary Gensler of the U.S. Securities and Exchange Commission (SEC).
Through a social media post on Twitter/X, Gemini’s co-founder expressed strong disapproval towards the agency’s head, referring to him as “unscrupulous.” In this same post, he suggested that Gensler should not be given any position of authority, and any company that employs Gensler should face a boycott for allegedly undermining the cryptocurrency sector.
On social media platforms like Twitter, it’s not uncommon to find this being Gensler’s second, third, or even tenth criticism. Various figures in the cryptocurrency world and politics have suggested that Gensler should step down or be replaced due to his perceived overly aggressive stance on regulating the crypto sector.
It’s important to make sure we’re all on the same page here. The individual in question, @GaryGensler, is strongly criticized for his actions. There’s a general consensus that he should not be entrusted with any future roles involving influence, power, or impact. Any entity, be it a company, university, or organization, that employs or collaborates with him following his tenure at the SEC is deemed to be undermining the cryptocurrency sector and may face a call for a strong boycott.
— Tyler Winklevoss (@tyler) November 16, 2024
Gary Gensler: Widely Hated In The Crypto Industry
As an analyst, I can attest that Gary Gensler’s arrival at the Securities and Exchange Commission (SEC) was marked by a rich background in entrepreneurship, with a particular emphasis on the dynamic crypto sector. Yet, his regulatory-leaning approach has sparked a fair share of curiosity among industry participants.
Under Gensler’s leadership, the agency initiated 104 regulatory actions targeting cryptocurrencies and associated businesses. However, his proactive approach to regulation has sparked concern among crypto developers and companies, potentially causing harm to their future projects.
As a crypto investor, I can’t help but feel the impact of the SEC’s aggressive campaign against our industry. The costs and time spent by targeted crypto companies, estimated at over $429 million and countless hours, in battling these legal obstacles are staggering. Given this reality, it’s not surprising to see figures like Winklevoss join others in criticizing Gensler and calling for his resignation.
Gensler is ‘Evil’ And No Apology Can Undo The Damage: Winklevoss
Winklevoss frequently speaks out against Gensler, advocating for his removal as SEC chairman. According to the co-founder of Gemini, Gensler’s actions have inflicted significant and lasting harm on the cryptocurrency sector.
According to Winklevoss, Gary Gensler is perceived as being untrustworthy, and it would be detrimental for any organization to entrust him with a position of power or influence in the future within the cryptocurrency sector. Hiring Gensler, in their opinion, undermines the interests of the crypto industry.
Later on, he encourages his supporters not to support any firms that may hire Gensler in the future, following his post. This suggestion from Winklevoss was made shortly after 18 U.S. states had filed a lawsuit against him alleging excessive use of powers.
Will Gary Gensler Resign?
Since 2021, Gary Gensler has held the position of agency chair, with two more years remaining on his term. Yet, speculations and whispers about his resignation and a possible replacement have been buzzing ever since Donald Trump was re-elected. Some industry insiders predict that Gensler might announce his resignation before Thanksgiving or even before Trump’s inauguration in January.
James Murphy from Ripple Labs expressed his views on the potential resignation of Gensler. He pointed out that it’s not uncommon for a chairman to step down before a new presidential term, citing past examples like Jay Clayton in 2020 and Mary Jo White in 2016, as evidence for this trend.
Read More
- XRP PREDICTION. XRP cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- ORDI PREDICTION. ORDI cryptocurrency
- UNI PREDICTION. UNI cryptocurrency
- APE PREDICTION. APE cryptocurrency
- USD COP PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- ALI PREDICTION. ALI cryptocurrency
2024-11-17 18:57