- Winklevoss slams SEC’s Gensler, calling his policies a threat to the crypto industry’s growth and stability.
- Gensler’s harsh crypto regulation sparks backlash, with rumors of his resignation gaining traction in the crypto community.
- Despite Gensler’s defense of his tenure, the crypto industry remains frustrated with his stance on digital assets.
Tyler Winklevoss, who co-founded Gemini, has recently been quite critical of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). In a recent X post, Winklevoss slam Gensler for destroying the crypto industry and demanded that the official should never hold any position again. This strong criticism only contributes to the rising backlash against Gensler regulatory measures that have been met with more and more disapproval from the crypto community.
SEC Policies Impacting Crypto
Winklevoss said that Gensler’s policies have adversely impacted the industry, and many people have lost their jobs credit to digital assets. He also stated that these actions were politically inspired than by a wish to safeguard investors or preserve market efficiency. Winklevoss also called on companies to stay away from Gensler once he leaves the SEC, saying that having any form of business with him in the future will be a betrayal to the cryptocurrency industry.
The criticism comes as there are rumors that Gensler may step down from his position in the Commission. There are increasing rumors that Gensler may resign, partly because of Trump’s campaign promise to dismiss him from the office. Gensler’s recent comments have fuelled such speculations and many people think that he may be on his way out soon.
SEC’s Impact On Crypto Regulation
Earlier, Gensler came to the defense of his time at the SEC and pointed to some of the efforts he has made to enhance post crisis disclosure. He mentioned a list of new measures that include; the provision of new rules that will ensure that companies give out more information on incidences like data breaches, executive remunerations, and ownership percentages. Gensler also revealed the ongoing work on the enhancing the financial infrastructure, for example the enhancement of clearing for Treasury securities and the reduction of the time it takes to settle stock trades.
Nevertheless, the crypto community is still not satisfied with Gensler’s attitude towards crypto assets. Actually, many in the sector have argued that his approach to regulation has been rather tough, inhibitive of creativity and expansion. The vocal upset of Winklevoss speaks to a more general discontent among many in the crypto community, for which Gensler is seen as an antagonist hindering development.
The cryptocurrency market is still shaky due to the ongoing rumors of Gensler’s resignation as the chairman of the CFTC. Many industry insiders and investors are watching the situation with great interest, wanting to know how possible future leadership of the SEC could change the legal environment regarding digital assets.
