SEC’s Gary Gensler initially sparked excitement among crypto fans with a “legendary and respectable troll thread,” only to later rudely disappoint them.
Gary Gensler, the chair of the United States Securities and Exchange Commission, fooled many X users into thinking he was resigning from the SEC on Wednesday, only to later clarify that he’s “not done” yet.
Gary Gensler’s Cryptic Resignation Tease Goes Viral
In an April 17 post on X, Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), expressed gratitude for his time serving as Chair. He praised the SEC staff for their dedication to serving investors and issuers over the past three years.
In subsequent posts, Gensler highlighted the SEC’s accomplishments under his leadership, including more than 2,000 enforcement actions and finalized rules. These words led many to believe that he was leading up to an announcement of his resignation.
Source: Gary Gensler
However, Gensler concluded with a twist, stating, “And we’re not done.” This unexpected turn caused the posts to go viral, garnering over 1.1 million views according to X figures.
Crypto trader Jordan Fish, known as Cobie, described the thread as “a legendary and respectable troll,” while Bloomberg Litigation Analyst Elliott Stein remarked on the intentional ambiguity, noting Gensler’s penchant for trolling.
Johnsson Criticizes Gensler’s Enforcement Focus
Scott Johnsson, a general partner at Van Buren Capital, criticized Gary Gensler’s focus on the number of enforcement actions in his posts, likening it to the Department of Justice or Bureau of Prisons highlighting the number of incarcerations. Johnsson argued that this approach lacks focus.
During Gensler’s leadership, the SEC’s crypto-related enforcement actions reached a 10-year high last year, with 46 enforcement actions against crypto firms, doubling from 2021. Some U.S. crypto industry executives and lawmakers have accused Gensler of adopting a “regulation by enforcement” approach to crypto, as the SEC has filed lawsuits against numerous crypto companies, claiming dozens of cryptocurrencies are securities.
Gensler has defended his approach by claiming that crypto is rife with fraud and manipulation. He has advocated for companies to “come into compliance” with regulations.
In response to Gensler’s posts, the crypto side of X found its own way to push back against him.
Crypto Twitter Reacts to Gensler’s Posts with High Ratios
The unofficial Crypto Twitter archivist, “inversebrah,” pointed out that the platform’s crypto community has already achieved impressive engagement ratios with Gary Gensler’s posts. A ratio occurs when a reply post garners more engagement, such as likes or shares, than the original post it replied to. In this case, Gensler’s post received around 1,700 likes, but some responses have amassed more than three times that amount.
Some of the reply posts to Gensler’s thread with a greater number of likes. Source: X
Background on Gensler and His Tenure
U.S. President Joe Biden nominated Gensler to chair the SEC in 2021. Gensler commenced his five-year tenure on April 17, 2021, and could potentially serve as chair until April 17, 2026. However, it is customary for the SEC chair to resign if the U.S. elects a new president. With Americans heading to the polls on Nov. 5 to vote on a possible rematch between Biden and former president Donald Trump, the situation regarding Gensler’s tenure remains uncertain.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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