SEC Chair Controversial Post Stirs Resignation Rumors

SEC Chair Gary Gensler’s recent social media post has elicited reactions within the crypto community, with many believing that he was resigning.

In a recent post, SEC chair Gary Gensler took to X to highlight his achievements as the regulatory agency’s boss over the past three years.

It’s been an honor to serve as @SECGov Chair. Over the past 3 years, I’ve seen firsthand how the incredible staff at the SEC serve investors and issuers alike.

A thread 🧵

— Gary Gensler (@GaryGensler) April 17, 2024

Controversial Opening Sentence

However, the post’s opening sentence led several crypto enthusiasts to mistakenly believe that the SEC boss was resigning from the position after three years of active service. According to the social media post, Gensler emphasized, “It’s been an honor to serve as SEC chair.”

As a result of this statement, there was widespread speculation that Gensler was stepping down from his role as Chair of the SEC. Nonetheless, individuals anticipating Gensler’s resignation were disheartened when he followed up with a tweet lauding the SEC’s accomplishments during his three-year tenure.

Gensler Hopes to Continue as SEC Chair

Within the time frame, Gensler said the SEC has filed over 2,000 enforcement actions, resulting in more than $6 billion in civil penalty and another $6 billion in disgorgement.

He also revealed that the SEC has finalized 38 rules in the past three years, focusing on money market funds, corporate governance, and treasury clearing.

“And we’re not done,” Gensler remarked, suggesting that he hopes to continue running the affairs of the SEC to achieve more successes.

Crypto Enthusiasts React

Expectedly, Gensler’s dedication to continue leading the SEC left many disappointed as they took to the comment section to react.

Popular XRP community member and Bitrue ambassador “XRPcryptowolf” joined other X users to express disappointment.

Honestly thought this was a resignation post at first so it’s disappointing to read that it wasn’t 😭

— XRPcryptowolf (@XRPcryptowolf) April 17, 2024

Interestingly, an investor and notable X community troll known as Greg illustrated readers’ reactions to Gensler’s thread using a popular social media meme.

Everyone reading this thread pic.twitter.com/0lL5VIrOHr

— greg (@greg16676935420) April 17, 2024

Furthermore, Ryan Selkis, the founder and CEO of Messari, who has also been a long-term vocal critic of the U.S. SEC, called Gensler a parasite.

You’re a parasite Gary.

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) April 17, 2024

Interestingly, pro-XRP lawyer Fred Rispoli called attention to the number of likes these X comments have generated compared to Gensler’s thread.

Shout out to the folks that got more likes in their replies savaging Gensler than G. Genny got in his original post!@greg16676935420 (didn’t know you hated Gary, too!) @twobitidiot @Evan_ss6 @XRPcryptowolf

(did not go through all 4.5k replies so let me know if I missed you) https://t.co/AiD5GazVZF

— Fred Rispoli (@freddyriz) April 18, 2024

The development suggests that many individuals, especially crypto enthusiasts, hope Gensler steps down as SEC Chair. The sentiment among crypto proponents stems from criticisms surrounding Gensler’s regulatory approach, which many tagged as “regulation-by-enforcement.”

However, Gensler has defended the commission’s regulatory approach several times, noting that the crypto sector is rife with fraud and non-compliance. Per Gensler, the measure taken against crypto entities is meant to protect investors from fraudulent actors.

In the meantime, the SEC is embroiled in legal battles against Ripple, Coinbase, Binance, and Kraken, among others. While the Ripple lawsuit is approaching its final resolution, the SEC cases against top crypto exchanges are still in their early phases. The commission has also indicated interest in charging Uniswap, the world’s largest DEX.

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