Thomas Daniels
In a scathing critique, Gemini co-founder Tyler Winklevoss labeled U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as a destructive force for the cryptocurrency sector, claiming the damage caused under Gensler’s leadership is beyond repair. Winklevoss aired his grievances in a detailed Nov. 15 post on X (formerly Twitter), as speculation swirls about Gensler’s potential resignation following Donald Trump’s victory in the U.S. presidential election.
Winklevoss: Gensler’s Actions Are Deliberate, Not Mistakes
“Gary Gensler is evil,” Winklevoss stated unequivocally, adding, “He should never again have a position of influence, power, or consequence.” He dismissed Gensler’s actions as deliberate rather than misguided, asserting that they were part of a calculated agenda to prioritize personal and political ambitions over the health of the crypto industry.
During Gensler’s tenure, high-profile companies like Coinbase, Binance, and Ripple faced intense legal scrutiny under a regulation-by-enforcement approach. Winklevoss criticized this strategy, noting it led to the destruction of “tens of thousands of jobs, billions in invested capital, and countless livelihoods.”
Industry Leaders Join the Chorus of Criticism
The SEC’s aggressive stance has drawn ire across the crypto landscape. Consensys CEO Joseph Lubin recently remarked, “We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC.” Similarly, MicroStrategy founder Michael Saylor said Gensler’s potential replacement will hold the “most pivotal role” in shaping the future of digital assets.
Legal Challenges Mount Against the SEC
Backlash against Gensler isn’t limited to industry leaders. On Nov. 14, 18 U.S. states, including Texas, Nebraska, and Tennessee, filed a lawsuit against the SEC, accusing the agency of “gross government overreach.” This follows reports that Robinhood’s legal chief, Dan Gallagher, is a leading candidate to replace Gensler under the Trump administration.
As crypto advocates anticipate potential leadership changes, the broader industry remains cautious but hopeful about a regulatory environment more conducive to innovation and growth.
