Tyler Winklevoss: Gary Gensler’s Actions Are Beyond “Good Faith Mistakes”

Tyler Winklevoss, co-founder of crypto exchange Gemini and former Olympic rower, has openly criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, claiming his actions cannot be dismissed as mere “good faith mistakes.” In a recent post on X (formerly Twitter), Winklevoss accused Gensler of knowingly causing harm and labeled him “evil” for disregarding the widespread consequences of his decisions.

Winklevoss argued that Gensler’s actions have inflicted irreversible damage on the cryptocurrency industry and the broader economy, including the destruction of jobs, livelihoods, and significant amounts of invested capital. He stated that no apology could ever repair the harm caused, emphasizing that Gensler acted without regard for the fallout.

In his post, Winklevoss called for Gensler to be barred from holding any future position of power or influence, whether in government, academia, or private institutions. He urged boycotts of any organization that associates with Gensler after his tenure at the SEC, accusing such entities of betraying the cryptocurrency sector.

Winklevoss framed the prevention of Gensler’s return to power as critical to avoiding future abuses of government authority. He has been a long-standing critic of Gensler’s regulatory approach, particularly the SEC’s use of “regulation through enforcement,” which Winklevoss sees as a misuse of power.

Criticism of the SEC’s actions under Gensler has extended beyond Winklevoss. This week, 18 U.S. states filed a lawsuit against the SEC, accusing the agency of “gross government overreach.”

Meanwhile, political shifts could also impact Gensler’s tenure. During his campaign, Republican presidential candidate Donald Trump pledged to remove Gensler if elected. While the SEC is an independent agency, limiting direct presidential authority over its chair, Gensler’s current term is set to end in July 2025.

Reports suggest that Trump’s transition team is already considering potential successors for key financial regulatory positions, with three names reportedly under review: Dan Gallagher, a former SEC commissioner and current Robinhood executive; Paul Atkins, former SEC commissioner and CEO of Patomak Global Partners; and Robert Stebbins, a former SEC general counsel. Gallagher is considered the frontrunner for the role, though no final decisions have been made.

The mounting scrutiny of Gensler and the SEC signals ongoing tension between regulators and the crypto industry, with industry leaders and state officials alike questioning the agency’s approach and impact.