Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), caused a stir among X users with a misleading post hinting at his resignation, only to reveal he’s “not done.”
In an April 17 post on X, Gensler expressed gratitude for his tenure as SEC Chair, acknowledging the dedication of the SEC staff to both investors and issuers over the past three years.
Subsequent posts by Gensler highlighted the SEC’s significant enforcement actions and finalized rules during his leadership, creating an expectation of a resignation announcement.
Contrary to expectations, Gensler concluded with the statement “And we’re not done,” surprising many. The posts quickly went viral, garnering over 1.1 million views on X.
Crypto trader Jordan Fish and Bloomberg Litigation Analyst Elliott Stein commended the post’s trolling nature, acknowledging its initial ambiguity followed by clarity.
Scott Johnsson of Van Buren Capital criticized Gensler’s emphasis on enforcement actions, suggesting a lack of focus.
Under Gensler’s leadership, the SEC saw a surge in crypto-related enforcement actions, with 46 actions against crypto firms in 2021, double the previous year’s count.
Critics accuse Gensler of employing a “regulation by enforcement” approach in the crypto sphere, while he maintains that crypto markets are prone to fraud and manipulation, urging companies to comply with regulations.
The crypto community on X responded in kind, with unofficial Crypto Twitter archivist “inversebrah” noting the community’s significant engagement with Gensler’s post, surpassing the likes received by the original post.
Gensler was appointed as SEC Chair by President Joe Biden in 2021 and began his five-year tenure on April 17, 2021. While his term extends until April 17, 2026, customary practice suggests the SEC Chair resigns if a new president is elected. Americans are scheduled to vote on November 5, potentially affecting Gensler’s tenure.
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