Key Takeaways:
- Tyler Winklevoss labeled Gary Gensler “evil” and blamed him for irreversible damage to the crypto industry.
- The SEC targeted Ripple, Binance, and Coinbase, sparking backlash and lawsuits from 18 U.S. states.
- Dan Gallagher, Robinhood’s legal chief, emerges as a top candidate to replace Gensler under the Trump administration.
YEREVAN (CoinChapter.com) — Gemini co-founder Tyler Winklevoss criticized Gary Gensler, the SEC chair, calling him “evil” and blaming him for the irreversible damage to the crypto industry. Winklevoss wrote:
“Let’s all be clear on one thing. Gary Gensler is evil. He should never again have a position of influence, power, or consequence.”
This criticism comes as speculation grows about Gensler’s potential resignation following Donald Trump’s presidential election victory on Nov. 5. Winklevoss accused Gensler of intentionally harming the cryptocurrency sector to advance a personal political agenda.
Allegations of Deliberate Harm by SEC Chair
Winklevoss argued that Gensler’s actions could not be excused as mistakes. He stated,
“Gensler’s behavior cannot be excused as ‘good faith mistakes.’ It was entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
Critics widely condemn the SEC chair for enforcing regulations through lawsuits. Under his leadership, the SEC targeted major cryptocurrency firms like Binance, Coinbase, and Ripple. Winklevoss emphasized that this strategy ignored its impact on jobs, livelihoods, and billions in capital investments. He stated, “Even if this meant nuking an industry, tens of thousands of jobs, and people’s livelihoods, he proceeded.”
“Even if this meant nuking an industry, tens of thousands of jobs, and people’s livelihoods, he proceeded.”
Legal and Public Backlash Against Gensler Grows
On Nov. 14, 18 U.S. states filed a lawsuit against the SEC and Gensler, accusing the agency of “gross government overreach” in targeting the cryptocurrency industry. The lawsuit involves states like Texas, Ohio, Wyoming, and Tennessee. Critics argue that the SEC chair’s actions have hindered the growth of the crypto industry and caused significant economic disruptions.
Joseph Lubin, CEO of Consensys, described the current regulatory environment, stating,
“We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC.”
Speculation on Gensler’s Replacement
According to a Reuters report, Dan Gallagher, the legal chief at Robinhood, is being considered as a top candidate to replace Gary Gensler under the Trump administration. Gallagher’s possible appointment has raised hopes among crypto market participants, who expect changes in the SEC’s regulatory approach to cryptocurrency under his leadership.
