Gemini cryptocurrency exchange co-founder Tyler Winklevoss believes the damage done to the crypto industry by U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler is irreversible as speculation grows that Gensler may resign.
“Let’s be clear about one thing: Gary Gensler is evil,” Winklevoss asserted in a Nov. 15 post on X. “He should never hold a position of influence, power, or importance again,” Winklevoss added.
Winklevoss’s remarks come amid growing optimism among cryptocurrency market participants that Gensler, a known crypto skeptic, could step down after Trump wins the U.S. presidential election on Nov. 5.
Winklevoss said Gensler's actions could not be considered 'good faith'
Winklevoss asserted that Gensler's actions could not be explained as “a mistake of good faith,” before arguing that it was “deliberate, intentional, and purposeful to further his personal and political agenda at any cost.”
Source: Tyler Winklevoss
During Gensler’s tenure as SEC chairman, crypto companies like major exchanges Binance and Coinbase, Ripple, among others, have faced repeated legal battles with the agency. Winklevoss argues that Gensler has taken a regulation-by-enforcement approach to the crypto industry, with little regard for those operating in the space:
“Even though it meant ‘destroying’ an industry, tens of thousands of jobs, livelihoods, billions of investment capital and more, his ‘socialist’ ambitions ironically burned down his own political party.”
Echoing Winklevoss’ sentiments, Consensys CEO Joseph Lubin recently told Bitcoin News, “We’ve been living in a world of SEC-provided deception for a long time.”
Opposition to Gensler continues to grow
MicroStrategy founder Michael Saylor believes that whoever takes Gensler’s position will have a “pivotal” role in the cryptocurrency industry.
“I think this is very positive for digital assets,” Saylor added.
Reuters reported on November 7, citing people familiar with the matter, that Robinhood's head of legal affairs, Dan Gallagher, is now the Trump team's front-runner to replace Gensler.
Meanwhile, on November 14, eighteen US states filed a lawsuit against the SEC and Gensler, accusing the financial agency of “egregious abuse of power” over the nascent cryptocurrency industry.
Plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana and other states.
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