Crypto Wars Heat Up: Tyler Winklevoss Calls Out Gary Gensler for ‘Unfixable Harm’

• Tyler Winklevoss called Gensler “evil” and unfit for any position of influence or power.
• Gary Gensler has taken a stringent regulatory stance toward the crypto industry, adopting what critics describe as a “regulation-by-enforcement” approach.
• MicroStrategy founder Michael Saylor echoed similar sentiments and suggested that Gensler’s successor would hold a pivotal role in shaping the industry.

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has launched a scathing critique of Gary Gensler, the United States Securities and Exchange Commission (SEC) chair, claiming that his actions have caused irreversible harm to the crypto industry. Winklevoss’ remarks come amidst growing speculation that Gensler may step down following Donald Trump’s recent victory in the U.S. presidential election.

In a Nov. 15 post on X (formerly Twitter), Winklevoss called Gensler “evil” and unfit for any position of influence or power. “Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss wrote. “He should never again have a position of influence, power, or consequence.”

Image Credit: Twitter/Tyler Winklevoss

Criticism of Gensler’s Crypto Policies

During his tenure, Gary Gensler has taken a stringent regulatory stance toward the crypto industry, adopting what critics describe as a “regulation-by-enforcement” approach. This has led to significant legal battles involving major players like Binance, Coinbase, and Ripple. Tyler Winklevoss argued that Gensler’s actions were not merely “good faith mistakes” but deliberate moves to further his personal and political agenda.

Also Read: Gary Gensler’s Potential Resignation Sparks Optimism

“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,” Winklevoss stated.

Backlash Against Gensler Intensifies

The backlash against Gensler isn’t limited to Winklevoss. Industry leaders like Consensys CEO Joseph Lubin and MicroStrategy founder Michael Saylor have echoed similar sentiments. Lubin remarked that the crypto community has been “living in a gas-lit world” under the SEC’s leadership. Saylor, meanwhile, suggested that Gensler’s successor would hold a pivotal role in shaping the future of the crypto industry. “I think this is incredibly bullish for digital assets,” Saylor added.

Adding to the pressure, Reuters recently reported that Dan Gallagher, Robinhood’s chief legal officer, is a frontrunner to replace Gensler in a potential Trump-led administration.

Lawsuits and Political Ramifications

The SEC and Gensler also face mounting legal challenges. On Nov. 14, eighteen U.S. states, including Texas, Ohio, and Kentucky, filed a lawsuit accusing the SEC of “gross government overreach” in its treatment of the nascent crypto sector.

These developments signal a turning point for the crypto industry, with many stakeholders hoping for a shift in regulatory policy under new leadership.

The Future of Crypto Regulation

Tyler Winklevoss’ critique underscores a broader dissatisfaction within the crypto community regarding the SEC’s policies under Gary Gensler. As the industry awaits potential changes in leadership, the question remains: will new policies undo the perceived damage, or is the harm truly irreversible as Winklevoss suggests?

The resignation of Gary Gensler, should it occur, could herald a new era of regulatory clarity for the crypto industry, but the road to recovery may still be long and complex.