Coiner Magazine

Documenting The Coin Age

Crypto twitter wants SEC chair Gary Gensler gone

A hastag calling for the resignation of SEC chairman Gary Gensler is currently trending on Twitter. Someone started #GaryGenslerResign and now Gensler is facing an onslaught of bad references on the internet.

A look at the contributors shows a strong dislike for the top “markets cop” especially among crypto fans. The claim is that the SEC chairman has made things worse for the markets since he took office. Will Gary hear any of it?

Gary was nominated to chair the US SEC by president Joe Biden back in mid-April, 2021 for a normal term of 5 years. Since then, the SEC chairman has spearheaded a concerted assault against apparent crypto entities like Ripple. In the case of SEC vs Ripple, SEC claims that XRP, created by Ripple, is a security. Ripple refutes this claim.

Gary wants to protect investors and markets

In his opinion, Gary Gensler sees himself as the savior of markets and business ethics in both existing and emerging markets like the crypto industry. He takes his time to express as much in a recent tweet.

According to him, many crypto-related entities and their products aren’t registered by SEC, making their existence illegal. As such, the SEC is mandated to make sure that markets, as well as investors, are fully protected from such intrusions. Notably, UK’s FCA (Financial Conduct Authority) has been doing the same. However, a huge section of the crypto community doesn’t belief that Gary Gensler means well for the crypto industry. They want him gone.

Is Gary Gensler fit as SEC chairman?

Among the many issues cited by the anti-Gary crusade on CT (Crypto Twitter) is his apparent paranoia and love of basking in the spotlight. Notably, a few well-experienced executives resigned from the regulatory body a short while after Gary took office, pointing to a possible conflict of interest. As a matter of fact, Gary Gensler has often been in court going up against entities like Ripple and appearing before the Senate. He has been accused of witch-hunting the crypto industry.

One particular thread on twitter contributing to the trending hashtag caught our attention:

The thread delves into a number of alleged incidents of misconduct on the part of the SEC chairman. The exposure of these incidents threatens to eclipse Gary’s recent popularity.

Meanwhile, Gary is facing another battle front after the current chairman of the CFTC (Commodity Futures Trading Commission) Rostin Behnam declared that Ethereum (ETH) is a commodity and claimed to have legal evidence to back it up. On the other hand, Gary maintains that Bitcoin (BTC) is the only cryptocurrency that can be classified as a commodity while the rest are securities.

It will be interesting to see what direction these developments take over the coming weeks and months, but one this is sure: Gary Gensler wants to keep his job.