In a twist that left many disenchanted, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), crafted a social media narrative that led many to believe he was stepping down—only to reveal the opposite. This maneuver has stirred a significant response across the crypto sector on the social media platform X, previously known as Twitter.
A Strategic Misdirection
Gensler’s post on X began with a tone typical of a resignation, expressing gratitude for his time with the SEC and highlighting his achievements. “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,” he stated. This was followed by a list of accomplishments, including “more than 2,000 enforcement actions” and various finalized rules under his leadership. However, the narrative took a sharp turn with Gensler’s closing remark: “And we’re not done,” confirming that his tenure was far from over.
Reactions and Ramifications
The posts quickly went viral, amassing over 1.1 million views. The crypto community on X reacted with a mix of admiration and frustration:
- Jordan Fish, a prominent crypto trader known as Cobie, called it a “legendary and respectable troll thread.”
- Bloomberg’s Elliott Stein observed that the posts initially seemed like a resignation announcement, suggesting that the misleading tone might have been intentional.
- Scott Johnsson from Van Buren Capital criticized the focus of Gensler’s post, likening it to a governmental body boasting about its punitive actions rather than its positive contributions.
The crypto-related activities of the SEC have been under scrutiny, especially with the agency’s record-high enforcement actions against crypto firms last year. Gensler has consistently defended these actions by stating that the crypto industry is rife with fraud and manipulation, urging companies to “come into compliance.”
Community Retort
The crypto community did not hold back in their response to Gensler’s post. Notable was the activity of “inversebrah,” an unofficial archivist of Crypto Twitter, who pointed out that the crypto side managed to “score a couple of healthy ratios” against Gensler’s posts, with some responses gaining more interactions than the original posts themselves.
As the dust settles on this incident, it’s clear that Gensler’s post was more than just a statement—it was a reflection of the ongoing tension between regulatory bodies and the burgeoning crypto industry, a saga that continues to unfold with each new post and policy.
