Gary Gensler’s resignation ‘troll’ post disappoints Crypto X

On Wednesday, Gary Gensler, the chairman of the United States Securities and Exchange Commission, deceived some X users by announcing his resignation from the SEC, only to later clarify that he was not stepping down yet.

“Over the past three years, it has been a privilege for me to hold the position of SEC Chair. During this time, I’ve had the opportunity to witness the dedication and expertise of the SEC’s staff as they work to protect investors and support issuers.” (Gensler’s post, paraphrased)

In his subsequent posts, he mentioned the over 2,000 enforcement actions and regulations the SEC completed during his tenure, hinting towards his upcoming departure announcement.

“And we’re not done,” Gensler added, delivering the final punchline. 

Gary Gensler’s resignation ‘troll’ post disappoints Crypto X

The posts gained significant popularity – they’ve been viewed approximately 1.1 million times, as of the latest data from X.

In his writing, crypto trader Jordan Fish (also known as Cobie) expressed his honest opinion that the troll thread in question was both renowned and deserving of respect.

Elliott Stein from Bloomberg, a litigation analyst, commented: “At first glance, this seems like a resignation announcement. But upon closer inspection, it’s not. I believe Gensler intended to create confusion, given his history of playful remarks.”

Scott Johnsson, partner at Van Buren Capital, emphasized the number of enforcement actions initiated by Gensler in his posts.

He remarked that it would be equivalent to the Department of Justice or Bureau of Prisons putting emphasis on the number of imprisonments, but lacking attention in other areas.

In the past year, under Chairman Gensler’s tenure, the Securities and Exchange Commission (SEC) saw a record-breaking number of enforcement actions against cryptocurrency companies, totaling 46 – more than double the number from the previous year.

Some U.S. crypto industry leaders and certain politicians argue that SEC Chairman Gensler is using an “enforcement-driven regulatory approach” towards cryptocurrencies, as the SEC has sued numerous crypto firms claiming that over 40 different cryptocurrencies are considered securities in these legal actions.

Gensler also expressed concerns over the prevalence of fraud and manipulation in the cryptocurrency market. He urged companies to adhere to regulations and comply with relevant authorities.

The crypto side of X got back at Gensler for his post — in its own way.

The unofficial crypto Twitter archivist “inversebrah” pointed out that the crypto community on the platform had successfully achieved a few instances where the response to a post had more engagement, such as likes or retweets, than the initial post it replied to.

In this situation, Gensler’s post gained approximately 1,700 likes. However, certain comments amassed over three times that number of reactions.

Gary Gensler’s resignation ‘troll’ post disappoints Crypto X

Joe Biden, the President of the United States, appointed Gary Gensler to lead the Securities and Exchange Commission (SEC) in 2021. His term began on April 17, 2021, and may last until April 17, 2026.

The tradition holds that the SEC chair steps down when a new U.S. president is elected, and voters in America are scheduled to cast ballots on Nov. 5 for a potential face-off between Biden and former president Trump.

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2024-04-18 05:45