Gemini co-founder Tyler Winklevoss has issued sharp criticism of SEC Chair Gary Gensler. Notably, he called for Gensler’s permanent exclusion from roles of power or influence. Winklevoss accused Gensler of deliberately undermining the cryptocurrency industry. His remarks come amid growing speculation about Gensler’s potential resignation, sparked by recent public comments.
Winklevoss Blames Gensler
Winklevoss took to social media to voice his concerns, alleging that Gensler’s regulatory actions were part of a calculated effort to damage the crypto sector. According to Winklevoss, these actions caused job losses, financial setbacks, and disrupted livelihoods. He claimed that Gensler’s approach was driven by political motives rather than public interest.
The Genesis co-founder also urged companies to distance themselves from Gensler after his SEC term. He suggested that any association with him would betray the crypto industry. This reflects widespread dissatisfaction with Gensler’s handling of digital assets during his tenure.
18 U.S. States File Lawsuit Against the SEC and Gary GenslerGensler Defends Record at Regulatory Conference
Notably, in a recent address, Gensler reviewed his time at the SEC and highlighted key achievements. He pointed to new rules aimed at improving corporate transparency. These regulations require detailed disclosures on data breaches, executive pay, and significant ownership stakes.
Gensler also discussed structural changes in the financial markets. Updates to the clearing of Treasury securities and a shorter settlement cycle for stock trades were included. He acknowledged delays in implementing a climate disclosure rule but emphasized the broader impact of his initiatives.
Resignation Rumors Gain Momentum
In recent weeks, speculation has grown around Gensler’s resignation. President elect Donald Trump’s campaign pledge was to dismiss Gensler. Gensler’s recent comments have also fueled the anticipation that he will step down sooner.
Gensler seemed to be musing on his time at the agency in his speech. Defending his regulatory approach, he clarified his position on reforms. His tenure has focused on modernizing financial markets, despite criticism from the crypto community.
Ultimately, the tension between Gensler and the cryptocurrency industry highlights a growing divide over regulatory oversight. Winklevoss’ pointed criticism underscores the frustration felt by many in the sector. With so much speculation surrounding Gensler’s potential departure, the industry is looking ahead on how a new leadership could shape the crypto regulations.
