U.S. Securities and Exchange Commission Chairman Gary Gensler's actions cannot be “explained” as “well-intentioned mistakes,” says Tyler Winklevoss, former Olympic rower and co-founder of cryptocurrency exchange Gemini. he said in an X post on Saturday. He added:
“That (Gensler’s action) It was completely thought out, purposeful and purposeful in order to achieve his personal and political agenda at all costs. ”
Winklevoss said Gensler carried out his actions regardless of the consequences and called Gensler “evil.” Gensler believes that his actions areDestroying industries, tens of thousands of jobs, people's livelihoods and billions of invested capital. ”
Winklevoss also said that Gensler has caused irreparable damage to the cryptocurrency industry and the country, which “no amount of apologies can undo.”
Mr Winklevoss vented his frustration, writing:
“Americans have enough tax dollars going to a government that is supposed to protect them, but instead is being used against them by politicians trying to advance their careers. ”
Mr. Winklevoss believes that Mr. Gensler should not be allowed to hold any position in “any institution, large or small.” he added: Mr. Gensler “should never again hold a position of influence, power, or consequence.”
In fact, Mr. Winklevoss said that any institution, whether corporate or university, that hires or works with Gensler after his time at the SEC,It is betraying the crypto industry and should be actively boycotted. ”
Winklevoss said preventing Gensler from regaining power is “the only way” to prevent future abuses of government power. Mr. Winklevoss has long been a vocal critic of the SEC and Gensler, believing that Gensler is taking advantage of the principle of “regulation by enforcement.”
Winklevoss is not alone in accusing the SEC of abusing its power. Earlier this week, 18 U.S. states filed a lawsuit against the SEC and Gensler alleging “gross government overreach.”
Republican President-elect Donald Trump promised to fire Gensler on his first day back in the White House during his campaign. The Winklevoss brothers donated the maximum amount per individual allowed to the Trump campaign.
Because the SEC is an independent agency, the president does not have the authority to fire Gensler. However, Gensler's term ends in July 2025.
Reuters reported earlier this month, citing people familiar with the matter, that officials on Trump's transition team are compiling a short list of heads of major financial institutions to present to the president-elect soon. So far, there are three candidates on the list. Dan Gallagher is a former SEC Commissioner and currently Robinhood's Chief Legal and Compliance Officer. Paul Atkins, former SEC commissioner and CEO of consulting firm Patomac Global Partners. Robert Stebbins is a partner at the law firm Willkie Farr & Gallagher and served as SEC general counsel during Trump's first term as president.
Nothing has been decided yet, but reports suggest Gallagher is the frontrunner.
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