The most corrupt and incompetent - not to mention most hacked - SEC chair in history, Gary Gensler, is finally out.
Gensler, whose departure we previewed last week, announced his plan to step down as chair of the US Securities and Exchange Commission on January 20, when Donald Trump is set to be sworn in as president.
On January 20, 2025 I will be stepping down as @SECGov Chair.
— Gary Gensler (@GaryGensler) November 21, 2024
A thread 🧵⬇️
Officially, Gensler’s five-year term on the commission does not run out until 2026, but it has become customary for SEC chairs, and especially corrupt and incompetent ones who follow the rules of their political masters, to move on as when the presidency changes hands.
"It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital mkts remain the best in the world" the slimy former Goldman banker said.
"I thank @POTUS for entrusting me w/ this incredible responsibility. The SEC has met our mission & enforced the law w/o fear or favor", he added.
In case it wasn't clear by now, Gensler - whose vendetta against entities like SilverGate cost hundreds of people their jobs and set back the US crypto industry years - will go down in history as perhaps the most corrupt and incompetent SEC chair in modern history, doing little to protect investors and doing everything in his power (as he followed the orders of Elizabeth Warren) to destroy the US crypto industry, crushing the spark of enterprise in the US and culminating in a series of humiliating defeats as courts ruled the regulator had exceeded its authority again and again.
According to Charlie Gasparino, Gensler will be replaced with the very pro-crypto Potomac Global Partners CEO and former SEC commissioner Paul Atkins, who since 2017 has led industry efforts to develop best practices for digital asset issuances and trading platforms as Co-Chair of the Token Alliance
SCOOP: Former SEC commission Paul Atkins is said to be in the lead position to replace @GaryGensler as @SECGov chair, according to a person with direct knowledge of the matter. As with all things in Trump World this could change, of course. Fox Business has previously reported…
— Charles Gasparino (@CGasparino) November 21, 2024
Needeless to say, it is poetic justice that Gensler bailed the day bitcoin hits a new record high, and is about to surpass $100,000.
His announcement came hours after a federal court in Texas tossed out the SEC’s new rules for the $27tn Treasury market, finding that the watchdog exceeded its authority when it tried to force more large traders to register as “dealers”.
We refuse to waste any time on this worthless bureaucrat who will soon be collecting $100,000 per speech by an establishment that is as corrupt as him, and will likely end up with some cushy professor job in some woke, liberal B-grade college, even as he is completely forgotten by history, so instead we will give the final word to Tyler Winklevoss whose eulogy captures everything we could say on the topic.
Let's all be clear on one thing. Gary Gensler is evil. He should never again have a position of influence, power, or consequence. Any company, university, or organization that hires or works with him post-SEC is betraying the crypto industry and should be boycotted aggressively. This the only way to prevent this kind of misuse of government power from happening again in the future.
Gensler’s behavior can't be explained away as a good faith mistakes. It was entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost. Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more. Ironically, his sociopathic ambition ended up torching his own political party.
No amount of apology can undo the damage he has done to our industry and our country. This type of person has no place at any institution, big or small. Americans have had enough of their tax dollars going towards a government that is supposed to protect them, but instead is wielded against them by politicians looking to advance their careers. It's time for this pathology to be stopped once and for all. Onward!
Onward indeed.
The most corrupt and incompetent - not to mention most hacked - SEC chair in history, Gary Gensler, is finally out.
Gensler, whose departure we previewed last week, announced his plan to step down as chair of the US Securities and Exchange Commission on January 20, when Donald Trump is set to be sworn in as president.
On January 20, 2025 I will be stepping down as @SECGov Chair.
— Gary Gensler (@GaryGensler) November 21, 2024
A thread 🧵⬇️
Officially, Gensler’s five-year term on the commission does not run out until 2026, but it has become customary for SEC chairs, and especially corrupt and incompetent ones who follow the rules of their political masters, to move on as when the presidency changes hands.
"It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital mkts remain the best in the world" the slimy former Goldman banker said.
"I thank @POTUS for entrusting me w/ this incredible responsibility. The SEC has met our mission & enforced the law w/o fear or favor", he added.
In case it wasn't clear by now, Gensler - whose vendetta against entities like SilverGate cost hundreds of people their jobs and set back the US crypto industry years - will go down in history as perhaps the most corrupt and incompetent SEC chair in modern history, doing little to protect investors and doing everything in his power (as he followed the orders of Elizabeth Warren) to destroy the US crypto industry, crushing the spark of enterprise in the US and culminating in a series of humiliating defeats as courts ruled the regulator had exceeded its authority again and again.
According to Charlie Gasparino, Gensler will be replaced with the very pro-crypto Potomac Global Partners CEO and former SEC commissioner Paul Atkins, who since 2017 has led industry efforts to develop best practices for digital asset issuances and trading platforms as Co-Chair of the Token Alliance
SCOOP: Former SEC commission Paul Atkins is said to be in the lead position to replace @GaryGensler as @SECGov chair, according to a person with direct knowledge of the matter. As with all things in Trump World this could change, of course. Fox Business has previously reported…
— Charles Gasparino (@CGasparino) November 21, 2024
Needeless to say, it is poetic justice that Gensler bailed the day bitcoin hits a new record high, and is about to surpass $100,000.
His announcement came hours after a federal court in Texas tossed out the SEC’s new rules for the $27tn Treasury market, finding that the watchdog exceeded its authority when it tried to force more large traders to register as “dealers”.
We refuse to waste any time on this worthless bureaucrat who will soon be collecting $100,000 per speech by an establishment that is as corrupt as him, and will likely end up with some cushy professor job in some woke, liberal B-grade college, even as he is completely forgotten by history, so instead we will give the final word to Tyler Winklevoss whose eulogy captures everything we could say on the topic.
Let's all be clear on one thing. Gary Gensler is evil. He should never again have a position of influence, power, or consequence. Any company, university, or organization that hires or works with him post-SEC is betraying the crypto industry and should be boycotted aggressively. This the only way to prevent this kind of misuse of government power from happening again in the future.
Gensler’s behavior can't be explained away as a good faith mistakes. It was entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost. Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more. Ironically, his sociopathic ambition ended up torching his own political party.
No amount of apology can undo the damage he has done to our industry and our country. This type of person has no place at any institution, big or small. Americans have had enough of their tax dollars going towards a government that is supposed to protect them, but instead is wielded against them by politicians looking to advance their careers. It's time for this pathology to be stopped once and for all. Onward!
Onward indeed.