Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has made a bold declaration against the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, describing his actions as harmful and irreversible for the crypto industry. In a November 15 post on X, Winklevoss accused Gensler of operating with deliberate intent to harm the sector for personal and political motives, calling him “evil” and unfit for any position of power.
Winklevoss’ remarks align with growing optimism among crypto enthusiasts that Gensler, a noted skeptic of digital assets, might resign following Donald Trump’s presidential election victory. Speculation has heightened as reports suggest Robinhood’s legal chief, Dan Gallagher, is a frontrunner to replace Gensler in the new administration.
Allegations on Gensler of Regulatory Overreach
During Gensler’s tenure at the SEC, major cryptocurrency firms like Binance, Coinbase, and Ripple have faced intense legal scrutiny, spurring criticism of the agency’s regulation-by-enforcement approach. Winklevoss argued that Gensler’s tactics have destroyed livelihoods, jobs, and billions in invested capital, accusing him of prioritizing his political ambitions over the industry’s well-being.
His sentiments resonate with other industry leaders. Consensys CEO Joseph Lubin has criticized the SEC’s treatment of the sector as “gaslighting,” while MicroStrategy founder Michael Saylor has emphasized the importance of Gensler’s successor, calling the role “pivotal” for the future of digital assets.
Adding to the mounting criticism, 18 U.S. states, including Texas, Ohio, and Wyoming, filed a lawsuit against the SEC on November 14. The lawsuit accuses Gensler and the agency of overstepping their regulatory authority, further intensifying calls for change in the SEC’s leadership and approach.
Optimism for a Pro-Crypto Future
Despite the regulatory challenges under Gensler’s leadership, there is cautious optimism within the crypto community. Trump’s administration may usher in a more balanced regulatory environment, with a potential new SEC chair who understands the sector’s nuances.
While Dan Gallagher emerges as a possible successor, the transition in leadership could mark a turning point for the crypto industry. For now, industry leaders and state governments alike are united in demanding accountability and a reimagined regulatory framework to support innovation and growth.
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