- Gary Gensler, the SEC Chair, made posts on X (formerly Twitter) that initially seemed to suggest he was resigning from the SEC, but he later clarified that he is not resigning.
- Gensler’s “troll” posts went viral, garnering over 11 million views, and some responses received more engagement than his original posts.
- Gensler has been criticized for his tough stance on crypto regulation and his “regulation by enforcement” approach, with the SEC bringing a record number of crypto-related enforcement actions under his leadership.
On April 17, 2022, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), posted a series of tweets that initially seemed to imply he was stepping down from his position. The posts quickly went viral, fooling many in the crypto community who believed the resignation tweets were real.
Teasing a Resignation
Gensler started his thread by writing, “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 then highlighted accomplishments under his tenure like over 2,000 enforcement actions and dozens of new rules finalized. This appeared to set the stage for an announcement that he was leaving his post.
Pulling the Rug Out
After detailing his achievements as chair, Gensler included one final twist, writing “And we’re not done.” This revealed the whole thing had been an elaborate ruse.
Crypto Community Reacts
The fake resignation tweets received over 11 million views and sparked a flood of responses. While some found the prank funny, others criticized Gensler for trolling rather than focusing on policy.
The crypto side of Twitter got some revenge with reply tweets garnering more likes than Gensler’s original post—a Twitter “ratio.”
No Real Resignation
Despite the resignation fakeout, SEC Chair Gary Gensler has not actually stepped down. He was appointed in 2021 for a 5-year term that could last until 2026. While chairs often resign when a new president takes office, Joe Biden has not asked for Gensler’s resignation so far.
Conclusion
Gary Gensler’s viral Twitter thread tricked crypto fans into thinking he was resigning. While he continues to lead the SEC, the incident provided some comic relief in the ongoing debate around crypto regulation.
