Connect with us

Technology and Science

Gary Gensler Crypto X taken for a ride with legendary and respectable troll thread



Crypto fans were rudely awakened from their dream of a world without Gary Gensler when the SEC chair’s ‘resignation’ turned out to be a dud.

The crypto world was just about to pop the bubbly in celebration of the 17 April X “resignation” of Gary Gensler, when the US Securities and Exchange Commission (SEC) chair served up some smug follow-up posts.

“It’s been an honor to serve as [SEC] Chair. Over the past 3 years, I’ve seen firsthand how the incredible staff at the SEC serve investors and issuers alike,” Gensler wrote in an April 17 X post.

Gary Gensler: ‘And we’re not done’

In following posts, Gensler made proud mention of the “more than 2,000 enforcement actions” and rules that the SEC has finalised under his watchful eye.

To many, this looked like a farewell message thread…

Crypto X users went into overdrive and wasted no time in trolling Gensler’s post with great gusto…

Their joy, however, was short-lived when Gensler added in a follow-up post:

“And we’re not done”.

Instant viral status

The SEC chair’s “resignation” post went viral with more than 1.1 million views.

Ironically, many responses to Gensler’s X post ended up gaining more traction than the original post itself.

‘Gotta think that was intentional’

“A legendary and respectable troll thread, honestly [in my opinion],” wrote crypto trader and influencer Jordan Fish, who goes by the name of Cobie.

“This really does feel like a resignation tweet at first, but then it’s clearly not,” wrote Bloomberg Litigation Analyst Elliott Stein.

“Gotta think that was intentional, given Gensler’s seeming penchant for trolling.”

US SEC’s crypto clampdown

Gensler’s “Were not done” post is just another example of the enforcement-focused regulatory streak the SEC has adopted under his watch.

Since US president Joe Biden tapped Gensler to be SEC chair in February 2021, the regulatory body has initiated high-profile lawsuits against prominent crypto exchanges, such as Binance, Kraken and Coinbase.

Consequently, the SEC’s policing of digital assets and the trading of unregistered securities has, according to Coin Telegraph, led to a record number of enforcement measures, intensifying the regulatory atmosphere in the crypto industry.

ALSO READ: Cryptocurrency increases as Musk changes Twitter logo

Gensler’s ‘crypto evolution’

Once upon a time, Gensler was surprisingly not averse to joining the world of crypto.

Forbes refers to the “remarkable evolution in Gensler’s views on crypto”.

According to the publication, the SEC chair was once regarded as a forward-thinking regulator who saw the innovative potential of digital assets.

This “friend of the space” seemingly changed his tune over the years.

In 2019, Gensler reportedly offered to advise the crypto exchange, even meeting with Binance CEO Changpeng Zhao in Japan.

Shortly after taking office in 2021, his stance towards crypto changed, with the regulator calling crypto a “Wild West” fraught with fraud and abuse, according to Forbes.

After crypto exchange FTX folds in 2022, Gensler’s skepticism turns to outright hostility evident in his “regulation by enforcement” approach, especially when it comes to the classification of cryptocurrencies as securities.

NOW READ: FSCA advances crypto regulation with 74 licence applications under review

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *