May 24, 2024
Crypto Community Disappointed by Gensler's 'Troll' Resignation Post
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Crypto Community Disappointed by Gensler’s ‘Troll’ Resignation Post

Gary Gensler, the Chair of the United States SEC, caused a stir on X (formerly known as Twitter) with a series of posts that seemed to suggest he was resigning from his position.

However, Gensler ended his message by declaring he was “not done,” keeping his tenure at the SEC intact.

Source: Gary Gensler

Gensler’s “Resignation” Tease

In an April 17 post to X, Gensler expressed his appreciation for the honour of serving as SEC Chair and highlighted the achievements of the organization under his leadership.

He noted the SEC had undertaken “more than 2,000 enforcement actions” and finalized several rules over the past three years.

Many X users thought Gensler was about to announce his resignation, but the SEC Chair delivered a twist, ending his posts with, “And we’re not done.” The posts went viral and were viewed over 1.1 million times.

Crypto trader Jordan Fish, known as Cobie, described Gensler’s posts as a “legendary and respectable troll thread,” while Bloomberg Litigation Analyst Elliott Stein remarked that the messages initially felt like a resignation tweet but quickly clarified they were not.

Scott Johnsson, general partner of Van Buren Capital, critiqued Gensler for focusing on the number of enforcement actions the SEC has taken.

Some of the reply posts to Gensler’s thread with a greater number of likes. Source: X

High Crypto-Related Enforcement Under Gensler

Gensler’s tenure at the SEC has been marked by a sharp increase in crypto-related enforcement actions. In 2023, the SEC brought 46 enforcement actions against crypto firms, doubling the number from 2021.

Critics argue that Gensler adopts a “regulation by enforcement” approach to crypto, as the SEC maintains that many cryptocurrencies are securities.

Gensler has claimed that the crypto industry is rife with fraud and manipulation and has urged companies to “come into compliance” with SEC regulations.

The crypto community on X responded to Gensler’s posts by engaging in “ratios” — when a reply post garners more engagement than the original post it responded to.

Some responses to Gensler’s post received more than three times the likes his original post garnered.

Gensler’s Tenure at the SEC

President Joe Biden nominated Gensler to chair the SEC in 2021, and he began his five-year term on April 17 of that year. Gensler could serve as SEC chair until April 17, 2026.

However, it is customary for the SEC chair to resign if the U.S. elects a new president. The next presidential election is set to take place on November 5, and Americans may choose between Biden and former President Donald Trump.

Gary Gensler’s recent X posts have reignited debates and discussions around his approach to crypto regulation and his future at the SEC.

While he has made it clear he is not done with his work, the next presidential election may bring changes to his role.


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