Tyler Winklevoss, co-founder of Gemini and former Olympic rower, has launched a scathing critique of U.S. Securities and Exchange Commission (SEC) chair Gary Gensler. In a recent post on X, Winklevoss accused Gensler of deliberately advancing a personal and political agenda. He stated:
“It [Gensler’s actions] was entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
Gensler’s Alleged Impact on the Crypto Industry
Winklevoss argued that Gensler ignored the devastating consequences of his actions. These actions, according to Winklevoss, harmed the cryptocurrency sector, destroyed jobs, and shattered livelihoods. He went so far as to label Gensler “evil,” emphasizing that the damage inflicted is irreversible.
“No amount of apology can undo” the harm, Winklevoss stressed. He highlighted how people’s investments and futures have been jeopardized due to these decisions.
Taxpayer Frustration and the Demand for Accountability
Expressing his frustration, Winklevoss criticized the government for misusing taxpayer dollars. He pointed out:
“Americans have had enough of their tax dollars going towards a government that is supposed to protect them, but instead is wielded against them by politicians looking to advance their careers.”
He strongly believes Gensler should never again hold any position of influence, urging institutions to boycott him.
Preventing Future Misuse of Authority
To prevent further abuse of power, Winklevoss insisted on keeping Gensler from gaining any authority again. He also criticized Gensler’s “regulation through enforcement” approach, which he views as damaging and overreaching.
Broader Opposition to the SEC
Winklevoss is not alone in his criticism. Earlier this week, 18 U.S. states filed a lawsuit against the SEC, accusing the agency of “gross government overreach.” Additionally, former President Donald Trump pledged during his campaign to fire Gensler on his first day back in office.
Challenges in Removing Gensler
Despite Trump’s promises, removing Gensler from his position presents significant challenges. Since the SEC operates as an independent agency, Gensler’s role is protected, and his term will only end in July 2025.
Plans for Leadership Changes
Trump’s transition team, however, is preparing a shortlist of candidates to replace Gensler if Trump returns to the White House. Among the contenders are:
- Dan Gallagher, former SEC commissioner and Robinhood’s chief legal officer.
- Paul Atkins, CEO of Patomak Global Partners.
- Robert Stebbins, a partner at Willkie Farr & Gallagher and former SEC general counsel.
Although no decisions have been finalized, Gallagher is reportedly the leading candidate for the position.
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