Gemini's Tyler Winklevoss: 'Gary Gensler is evil'
Sunday, Nov 17, 2024 1:35 pm ET
4min read In a scathing critique of the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, Gemini co-founder Tyler Winklevoss took to social media to express his disdain, labeling Gensler as "evil." Winklevoss' remarks come amidst growing optimism among crypto market participants that Gensler may resign following President-Elect Donald Trump's win in the U.S. presidential election on Nov. 5.
Winklevoss, who has been a vocal critic of Gensler's regulatory approach, argued that the SEC chair's behavior cannot be excused as "good faith mistakes." Instead, he claimed that Gensler's actions were "entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost." Winklevoss believes that Gensler's ambition has led to the "nuking" of an industry, tens of thousands of jobs, people's livelihoods, billions of invested capital, and more.
Gensler's tenure as SEC chair has been marked by aggressive enforcement actions against prominent crypto firms, including Gemini and Ripple. In 2023, the SEC charged Gemini and its partner Genesis with offering unregistered securities through the Gemini Earn crypto lending program, leading to a $37 million fine and customer restitution. Winklevoss argued that Gensler's actions were not made in good faith but were intentional and purposeful, aiming to fulfill his personal and political agenda.
Gensler's regulation-by-enforcement strategy, targeting major exchanges and firms like Binance, Coinbase, and Ripple, has further fueled Winklevoss' criticism. The Gemini co-founder emphasized the negative impact of Gensler's seemingly harsh regulatory actions, pointing out that the top markets regulator effectively "nuked an industry, tens of thousands of jobs, people’s livelihoods, [and] billions of invested capital."
Winklevoss also noted that Gensler's actions ironically destroyed his political party. He argued that Gensler didn't care about the consequences of his actions, in a bid to fulfill the ambitions of his party. This suggests that Gensler's actions may have alienated a significant portion of his party's base, potentially contributing to political losses.
As Gensler's tenure nears its end, the crypto industry eagerly awaits a pro-crypto markets chief. Potential contenders for the position include Robinhood's legal chief, Dan Gallagher, who is reportedly the Trump team's frontrunner. The crypto community is optimistic about a new pro-crypto SEC chair, believing that this could be bullish for digital assets.
In conclusion, Tyler Winklevoss' criticism of Gary Gensler highlights the significant impact of the SEC chair's regulatory approach on the crypto industry. Gensler's aggressive enforcement actions have led to job losses, livelihood disruptions, and billions in invested capital at risk. As the crypto industry looks towards a new pro-crypto SEC chair, it is crucial for investors to stay informed about the regulatory landscape and its potential impact on the market.
Winklevoss, who has been a vocal critic of Gensler's regulatory approach, argued that the SEC chair's behavior cannot be excused as "good faith mistakes." Instead, he claimed that Gensler's actions were "entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost." Winklevoss believes that Gensler's ambition has led to the "nuking" of an industry, tens of thousands of jobs, people's livelihoods, billions of invested capital, and more.
Gensler's tenure as SEC chair has been marked by aggressive enforcement actions against prominent crypto firms, including Gemini and Ripple. In 2023, the SEC charged Gemini and its partner Genesis with offering unregistered securities through the Gemini Earn crypto lending program, leading to a $37 million fine and customer restitution. Winklevoss argued that Gensler's actions were not made in good faith but were intentional and purposeful, aiming to fulfill his personal and political agenda.
Gensler's regulation-by-enforcement strategy, targeting major exchanges and firms like Binance, Coinbase, and Ripple, has further fueled Winklevoss' criticism. The Gemini co-founder emphasized the negative impact of Gensler's seemingly harsh regulatory actions, pointing out that the top markets regulator effectively "nuked an industry, tens of thousands of jobs, people’s livelihoods, [and] billions of invested capital."
Winklevoss also noted that Gensler's actions ironically destroyed his political party. He argued that Gensler didn't care about the consequences of his actions, in a bid to fulfill the ambitions of his party. This suggests that Gensler's actions may have alienated a significant portion of his party's base, potentially contributing to political losses.
As Gensler's tenure nears its end, the crypto industry eagerly awaits a pro-crypto markets chief. Potential contenders for the position include Robinhood's legal chief, Dan Gallagher, who is reportedly the Trump team's frontrunner. The crypto community is optimistic about a new pro-crypto SEC chair, believing that this could be bullish for digital assets.
In conclusion, Tyler Winklevoss' criticism of Gary Gensler highlights the significant impact of the SEC chair's regulatory approach on the crypto industry. Gensler's aggressive enforcement actions have led to job losses, livelihood disruptions, and billions in invested capital at risk. As the crypto industry looks towards a new pro-crypto SEC chair, it is crucial for investors to stay informed about the regulatory landscape and its potential impact on the market.
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