Messari Co-Founder Criticizes Gary Gensler’s SEC Legacy

Highlights:

• Ryan Selkis criticized Gary Gensler’s position on crypto as SEC chair. 
• He noted that Gensler wiped out billions from the market due to his harsh crypto policies. 
• The SEC chair would step down on Jan 20 following Donald Trump’s victory at the polls. 

Messari co-founder and former CEO Ryan Selkis has lashed out at Gary Gensler, the outgoing United States Securities and Exchange Commission’s (SEC) chairman. In a recent post on X (formerly Twitter), Selkis accused Gensler of wiping out billions of dollars of the market against the law. The crypto community has been at odds with the SEC’s approach to regulation. 

In the last few years, the Commission filed multiple lawsuits against crypto executives and firms citing noncompliance among others. The Biden administration’s war on crypto was largely seen in both the legislative and enforcement processes. In Congress, anti-Bitcoin lawmakers voted against crypto laws while the SEC continued its regulation by enforcement.

This created an unfriendly environment riddled with uncertain rules, a strict and ‘outdated’ approach, and low investor sentiments. According to Selkis, at a certain threshold of economic collapse, jail time is warranted, adding that no one will remember or miss his administration. 

Gary Gensler Highlights Milestones

Following weeks of speculation after Donald Trump’s victory, Gensler announced he would step down on Jan 20. In a post in X, he appreciated the staff and their vision to protect investors. He explained achievements in corporate governance, equity markets, and treasury markets among others.

Gensler added:

“The Securities and Exchange Commission is a remarkable agency. The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them…”

Gensler’s crypto approach attracted criticism from holders. A notable case was the lawsuit against XRP and its executives.

On January 20, 2025 I will be stepping down as @SECGov Chair.

A thread 🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

The Future of Crypto Regulations

The United States has lagged in terms of clear-cut regulations. With a Republican sweep, industry executives expect Congress to hasten the passage of bills. This will shape various market segments, including giving innovators and investors a pathway. 

During campaigns, Trump pledged to fire Gensler once elected and pointed to clearer crypto rules. The President-elect also rolled out a decentralized finance (DeFi) project alongside new non-fungible token (NFT) releases. Described as the crypto candidate, users remain hopeful of a Trump administration. Meanwhile, crypto users say Trump’s pro-industry stance could shape global markets.