- Gary Gensler’s tweet criticizing crypto’s “noncompliance” prompted backlash from the community, including Dogecoin’s Billy Markus calling Gensler “useless.”
- Ripple’s Brad Garlinghouse accused Gensler of “stunning hypocrisy” and said his actions have destroyed the SEC’s integrity.
- The community highlighted the SEC’s lack of clear guidance and questioned how the SEC could regret errors when its chair criticizes crypto.
Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), recently posted a tweet criticizing the amount of “noncompliance” in the crypto space. This prompted backlash from many crypto community members who called out Gensler for his stance.
Billy Markus Calls Gensler “Useless”
Dogecoin creator Billy Markus replied to Gensler’s tweet, stating that the SEC chair has not established actual rules. Markus proceeded to call Gensler “useless in every single way.“
Brad Garlinghouse Accuses Gensler of Hypocrisy
Ripple CEO Brad Garlinghouse also commented on Gensler’s statements. Garlinghouse described the post as “stunning hypocrisy” and called Gensler a “political liability” whose actions have destroyed the SEC’s integrity.
Community Notes SEC’s Lack of Clarity
Using Twitter’s Community Notes feature, the crypto community highlighted that the SEC has not provided clear guidance on compliance. The notes also pointed out companies like Coinbase have tried unsuccessfully to gain regulatory clarity from the SEC.
Paul Grewal Questions SEC’s Regret
Paul Grewal, chief legal officer at Coinbase, noted the SEC recently said it “deeply regrets” certain errors made during an enforcement proceeding. However, Grewal questioned how taxpayers and judges could believe the SEC’s regrets when its chair is criticizing the crypto industry.
The crypto community was quick to defend itself against Gensler’s accusations. Key figures accused the SEC chair of preventing regulatory clarity while attacking the industry. This ongoing debate highlights the complex relationship between regulators and the crypto space.
