Crypto experts are calling for the removal of Gary Gensler from his role as the chairman of the Securities and Exchange Commission (SEC) amid several allegations of misconduct and incompetence.
According to a Twitter post by John Deaton’s CryptoLaw, Gensler’s record in public service is one of incompetence, self-promotion, and putting his own personal interests ahead of the public interest.
Gensler previously served as the Chairman of the Commodity Futures Trading Commission (CFTC), where he let the MF Global scandal explode on his watch.
An investigation found that he recused himself from handling MF Global as an act of self-preservation, putting the public interest second. The findings were part of a broader report into whether the agency made any missteps into how it regulated MF Global.
The report raised questions about whether it was proper for Gensler to recuse himself from handling MF Global, which collapsed in 2011, after he played a prominent role leading up to its bankruptcy. The report also criticized Gensler’s participation before seeking advice on the matter.
At the SEC, Gensler’s relentless pursuit of headline-grabbing and self-promoting cases has ground down the professional staff and caused an unprecedented mass exodus.
Wall Street lawyers who have served at the agency say turnover is almost unprecedented at the commission, known as a blue-chip government regulator where people work on high-profile matters in a collegial atmosphere.
CryptoLaw also criticized Gensler’s reported use of multiple email addresses at the SEC, calling it “paranoid image-control behavior” from the so-called “cop on the beat.”
Given these allegations, experts in the crypto industry are now calling for Gensler’s removal from the SEC. The accusations against him have raised serious questions about his fitness to regulate the cryptocurrency industry and protect the public interest. It remains to be seen how the SEC and the wider financial community will respond to these calls for action.
