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In an unexpected turn of events, United States Securities and Exchange Commission (SEC) Chair Gary Gensler misled more than a few X (formerly Twitter) users into believing he was leaving on Wednesday. But, as “And we’re not done” indicated in his last joke, Gensler only made fun of the cryptocurrency community.
Gensler’s initial X post, viewed over 1.1 million times, read: “It’s been an honor to serve as [SEC] Chair. Over the past 3 years, I’ve seen firsthand how the incredible staff at the SEC serve investors and issuers alike.” This led many to believe that the SEC chief was announcing his resignation.
Crypto traders and analysts quickly reacted to Gensler’s “legendary and respectable troll thread,” as described by crypto trader Jordan Fish, who goes by the name Cobie. Bloomberg Litigation Analyst Elliott Stein noted that “this really does feel like a resignation tweet at first, but then it’s not,” suggesting that Gensler’s actions were intentional.
Crypto Community Responds With Ratios
The crypto side of X got back at Gensler for his post in their way. Unofficial Crypto X archivist “inversebrah” noted that the platform’s crypto community “managed to score a couple of helthy [sic] ratios already,” referring to the phenomenon where a reply post garners more engagement, such as likes or shares, than the original post it replied to.
Gensler’s post received around 1,700 likes, but some responses have racked up more than three times that, showcasing the crypto community’s displeasure with the SEC chair’s “troll” post.
Crypto Industry Concerns With Gensler’s “Regulation by Enforcement” Approach
The perception of Gensler’s “regulation by enforcement” strategy has long been a source of concern for the cryptocurrency business. Under his direction, the number of SEC enforcement proceedings about cryptocurrency increased to 46 in 2023, double that of 2021, and hit a 10-year high.
Executives in the US cryptocurrency sector and a few legislators have charged that Gensler is adopting an oppressive stance. They cite the SEC’s contention that hundreds of cryptocurrencies are securities in cases brought against cryptocurrency companies.
However, Gensler has defended his actions, saying there is a lot of fraud and manipulation in the cryptocurrency field and that businesses should “come into compliance.”
Uncertain Future For Gensler’s Tenure
The SEC and the cryptocurrency community are at odds over Gensler’s latest post, which may have been intended as a joke. Led by Gensler, the SEC has long been concerned about investor compliance and safety with cryptocurrencies.
The cryptocurrency society monitors Gensler closely to see if his views on the industry shift during his remaining days as SEC chair. Many people wonder whether Gensler will adhere to stringent rules or cooperate with the cryptocurrency sector to find a middle ground.
Gensler’s handling of the situation may significantly impact blockchain technology and cryptocurrency futures. All parties involved, including lawmakers and investors, will closely watch how Gensler strikes a balance between innovation and investor protection.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
