Tyler Winklevoss Says Damage Done by Gary Gensler to Crypto Industry Is Irreversible as Speculation Mounts He May Resign

Cryptocurrency exchange Gemini co-founder Tyler Winklevoss claims the damage caused by United States Securities and Exchange Commission (SEC) chair Gary Gensler

Cryptocurrency exchange Gemini co-founder Tyler Winklevoss has slammed United States Securities and Exchange Commission (SEC) chair Gary Gensler, accusing him of causing irreversible damage to the crypto industry amid speculation that Gensler may resign.

“Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss declared in a Nov. 15 X post. “He should never again have a position of influence, power, or consequence,” Winklevoss added.

Winklevoss’ remarks follow growing optimism among crypto market participants that Gensler, a well-known crypto skeptic, may resign after Trump’s win in the US presidential election on Nov. 5.

Gensler’s behavior cannot be excused as ‘good faith,’ Winkelvoss claims

Winklevoss went on to claim that Gensler’s behavior cannot be excused as “good faith mistakes” before arguing that it was “entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”

Source: Tyler Winklevoss

Advertisement

Experience the magic of WAGMI Miami on Jan. 21-24 – The Biggest Blockchain Event in America – Get your tickets now!

During Gensler’s time as SEC chair, crypto firms like major exchanges Binance and Coinbase, Ripple, among others, have faced ongoing legal battles from the regulator. Winklevoss argued that Gensler took the regulation-by-enforcement approach to the crypto industry, showing little regard for anyone working in the sector:

“Gensler pursued a scorched-earth policy against the crypto industry from day one, showing total disdain for anyone working to build this nascent technology and advance the frontier of finance.”

Echoing a similar sentiment to Winklevoss, Consensys CEO Joseph Lubin recently told Cointelegraph, “We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC.”

Backlash toward Gensler continues to grow

MicroStrategy founder Michael Saylor believes whoever takes Gensler’s job has the “most pivotal role” in the crypto industry.

Related: SEC chair doubles down on crypto stance under threat of Trump ousting

“I think this is incredibly bullish for digital assets,” Saylor added.

Reuters reported on Nov. 7, citing people with knowledge of the matter, that Robinhood’s legal chief, Dan Gallagher, is currently the Trump team’s frontrunner to replace Gensler.

Meanwhile, on Nov. 14, eighteen US states filed a lawsuit against the SEC and Gensler, accusing the financial regulator of “gross government overreach” against the nascent crypto industry.

The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana and others.

Magazine: Off The Grid’s success shows ‘invisible’ blockchain is the winning play

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup buzz to regulatory shifts. Gain valuable insights to navigate the market and spot financial opportunities. Delivered every Thursday

By subscribing, you agree to our Terms of Services and Privacy Policy