Bitcoin’s price may have topped $98,000 Thursday, but Crypto Twitter was set ablaze for an entirely separate reason: Securities and Exchange Commission (SEC) Chair Gary Gensler, regarded as the industry’s chief antagonist, announced his impending resignation.
The figurehead that pursued an aggressive crackdown on the crypto industry signaled that he would resign from his leadership role on January 20, 2025, when Donald Trump takes office for a second term. The disclosure was met with a collective sigh of relief among crypto advocates online, while sparking its fair share of shitposts.
Billionaire entrepreneur Mark Cuban reacted to Gensler’s resignation by posting a link to Leonard Cohen’s “Hallelujah,” a song associated with catharsis and celebration.
One of Gensler’s biggest critics on Capitol Hill took a more direct approach to Gensler’s goodbye: “Good riddance,” House Majority Whip Tom Emmer (R-MN) wrote on Twitter (aka X). It was a statement echoed far and wide across Crypto Twitter in regards to the news.
Tech CEO Elon Musk, who was picked by President-elect Donald Trump to scrutinize government spending through a so-called Department of Government Efficiency (DOGE), meanwhile asked Gensler, “Is it true that the SEC only works one day a month in the office?”
Is it true that the SEC only works one day a month in the office?
— Elon Musk (@elonmusk) November 21, 2024
Earlier this week, a teenager went viral after making $30,000 by rugging a Solana-based meme coin. Flipping off members of a livestream that watched him launch the coin, a screengrab of the child’s defiant gesture was shared by Helius co-founder and CEO Mert Mumtaz in reply to Gensler.
Meanwhile, former Senate candidate and crypto lawyer John Deaton metaphorically flipped the bird at Gensler as well. “On behalf of the entire crypto community: 🖕,” he wrote.
Shapeshift CEO Erik Voorhees, whose company faced an SEC enforcement action earlier this year, mocked Gensler’s repeated oath to protect the investing public. “But who will protect the investors 1732226697?” he wrote on Twitter (aka X).
But who will protect the investors
— Erik Voorhees (@ErikVoorhees) November 21, 2024
In April, the SEC issued an enforcement threat to Uniswap, signaling that it was prepared to sue the industry’s leading decentralized exchange. Upon Gensler’s notice Thursday, Uniswap CEO Hayden Adams shared a GIF, captioned “Demon, be gone!”
Meanwhile, others shared images depicting Gensler as a clown, while thanking the SEC chair for his service or positing that the figurehead will not be missed.
Meanwhile, Stuart Alderoty, Chief Legal Officer of Ripple Labs—one of Gensler’s biggest targets during his tenure, and one that managed to score a win against the SEC—appeared to celebrate without too much fuss:
Gensler’s resignation post quickly became the figurehead’s most popular tweet. Liked by more than 21,000 accounts, it had also racked up 4 million views in less than two hours.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source: https://decrypt.co/292941/crypto-industry-bids-farewell-gary-gensler
