Key Takeaways
- SEC Chair Gary Gensler posted a message on X, which initially seemed like a resignation announcement, only to reveal he was "not done" with the agency;
- The post got a lot of backlash, reflecting discontent with Gensler's "regulation by enforcement" approach;
- The SEC, under Gensler, has intensified enforcement actions.
Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), caused a stir on X with a post that seemed like a resignation announcement.
In the post, he thanked the SEC staff and reflected on his three years of leadership, which included more than 2,000 enforcement actions and the introduction of numerous regulations.
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The post's tone suggested a lead-up to an announcement of Gensler's resignation; however, he quickly clarified that he was "not done" with the agency, which left many feeling misled.
Bloomberg's analyst Elliott Stein suggested that the deceptive nature of the post was probably intentional, knowing Gensler's "penchant for trolling."
The post quickly went viral, amassing over 1.9 million views and over 4,000 comments. These comments, as noted by user @inversebrah, mainly criticized Gensler and expressed disappointment that he, in fact, wasn't stepping down from his position.
Scott Johnsson, a general partner at Van Buren Capital, also pointed out the post's weird emphasis on enforcement statistics, likening it to the Department of Justice celebrating the number of incarcerations.
The widespread discontent with Gensler comes from his "regulation by enforcement" approach. The SEC's recent target was Uniswap, a decentralized exchange that received a Wells notice from the agency.
The post and subsequent reactions showcase tension between the SEC and the crypto community, reflecting constant debates over crypto regulation.
