Gemini’s Tyler Winklevoss joins the growing chorus of crypto figures calling out SEC Chairman Gary Gensler.
In a post on Twitter/X, the Gemini co-founder slammed the agency’s boss “evil.” In the same post, he shared that Gensler should not be allowed to hold any position of power, and any organization that employs Gensler should be boycotted for betraying the cryptocurrency industry.
This isn’t the first criticism Gensler has made on social media, particularly Twitter/X. Many cryptocurrency figures and political leaders have called for Gensler to resign or be removed altogether due to his “aggressive regulatory approach” toward the cryptocurrency industry.
Let’s all be clear about one thing. @Gary Gensler It is evil. He should never again have a position of influence, power or consequence. Any company, university or organization that employs or works with him past the SEC is a betrayal of the cryptocurrency industry and should be strongly boycotted…
– Tyler Winklevoss (@tyler) November 16, 2024
Gary Gensler: Widely hated in the cryptocurrency industry
Gary Gensler joins the SEC with significant experience and understanding of entrepreneurship, particularly the cryptocurrency space. However, as many people involved in the industry said, the fact that it was overtly regulatory raised eyebrows.
Gensler oversaw the agency’s filing of 104 enforcement actions against cryptocurrencies and related companies. However, its aggressiveness in regulation has raised several red flags for developers and cryptocurrency companies, leading to negative consequences for their software in the future.
Beyond these enforcement actions, the SEC’s aggressive campaign has been extremely costly and time-consuming for respondents. Reports indicate that the targeted cryptocurrency companies have spent over $429 million and countless hours fighting against these legal barriers. With this in mind, Winklevoss joined others who criticized Gensler and called for his resignation.
Gensler is ‘evil’ and no apology can undo the damage: Winklevoss
Winklevoss is one of Gensler’s vocal critics, who are calling for the SEC chief’s ouster. The Gemini co-founder claims that Gensler has caused serious and irreversible damage to the cryptocurrency industry.
He says Gary Gensler is “evil” and should not be allowed to hold another position of power or influence in the future. Winklevoss adds that any organization that employs Gensler is betraying the cryptocurrency industry.
He then tells his followers to boycott companies that will employ Gensler in the future. Winklevoss’s post comes days later 18 US states have filed a lawsuit Against him because of his constitutional violation.
Will Gary Gensler resign?
Gary Gensler has been head of the agency since 2021 and still has two more years to complete his term. However, news and rumors about His resignation The variant began to spread immediately after Donald Trump’s re-election. Many in the industry speculate that Gensler may announce his resignation before Thanksgiving or before Trump’s inauguration in January.
Ripple Lab’s James Murphy shared his thoughts on Gensler’s possible resignation. He adds that there were cases in which a president resigned before the new presidential administration. Murphy used the resignations of Jay Clayton in 2020 and Mary Jo White in 2016 to support his remarks.
Featured image from CNBC, chart from TradingView