Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), played a prank on X users by making them believe he was resigning from his position before revealing that he’s “not done” yet. In an X post on April 17, Gensler expressed his gratitude for serving as the SEC Chair and acknowledged the exceptional work of the SEC staff in serving investors and issuers. He then went on to mention the more than 2,000 enforcement actions and rules that the SEC had finalized under his leadership, leading many to believe that he was about to announce his resignation. However, Gensler ended his post by stating that they are not done yet, leaving everyone surprised.
These posts quickly went viral, with over 1.1 million views on X. Crypto trader Jordan Fish, also known as Cobie, described it as a legendary and respectable troll thread. Bloomberg Litigation Analyst Elliott Stein noted that the post initially seemed like a resignation tweet but turned out to be something else, suggesting that Gensler intentionally created the confusion. Scott Johnsson, the general partner at Van Buren Capital, criticized Gensler for leading with the number of enforcement actions, comparing it to the Department of Justice or Bureau of Prisons highlighting the number of incarcerations.
Under Gensler’s leadership, the SEC witnessed a surge in crypto-related enforcement actions, reaching a 10-year high. The SEC filed 46 enforcement actions against crypto firms, doubling the number from the previous year. This has led some industry executives and lawmakers to accuse Gensler of adopting a “regulation by enforcement” approach to crypto, as the SEC has filed lawsuits against numerous crypto companies, claiming that their cryptocurrencies are securities. Gensler, on the other hand, has argued that the crypto industry is rife with fraud and manipulation and has urged companies to comply with regulations.
In response to Gensler’s post, the crypto community on X found its own way to retaliate. The unofficial Crypto Twitter archivist “inversebrah” pointed out that the crypto community managed to generate more engagement than Gensler’s original post, with some reply posts receiving three times the number of likes. This highlights the community’s strong reaction to Gensler’s statements.
It is worth noting that Gensler’s tenure as SEC Chair began on April 17, 2021, and he could serve until April 17, 2026. However, it is customary for the SEC Chair to resign if a new president is elected. As Americans prepare to vote on November 5, there is a possibility of a rematch between President Joe Biden and former President Donald Trump, which could impact Gensler’s position.
In conclusion, Gary Gensler’s recent post on X created a buzz as it initially seemed like a resignation announcement but turned out to be a clever prank. The crypto industry and lawmakers have been critical of Gensler’s approach to regulating crypto, while Gensler maintains that compliance is essential for the industry. With the possibility of a new president being elected, Gensler’s position as SEC Chair may be up for discussion in the near future.