Retail investors have issued a farewell letter to SEC Chairman Gary Gensler, accusing him of spearheading one of the most destructive tenures in the commission’s history. The letter, widely circulated on social media, criticizes Gensler’s leadership as “arrogant, incompetent, and an obsessive crusade against innovation.”
JUST IN 🚨 RETAIL INVESTORS ISSUE A FAREWELL LETTER TO THE SEC CHAIRMAN GARY GENSLER
“You have been – unforgettably – the most misguided, malicious, and malcontented SEC Chair in the history of the United States.” pic.twitter.com/aRPgKMAOOI
— X Market News🚨 (@xMarketNews) November 17, 2024
Gary Gensler’s Legacy in Shambles
The investors claim that Gensler’s policies left behind a legacy of shattered trust, billions in lost value, and a deep mistrust of the SEC. “Your reign over the SEC will go down as one of the most destructive periods in financial history,” the letter states, alleging unchecked regulatory power during his tenure.
The letter highlights specific grievances, including Gary Gensler’s actions against Ripple Labs and XRP. The investors also showed dismay due to the suppression of Bitcoin ETF approvals. They also grilled Gesnler for mishandling the MMTLP stockholder crisis, which left investors trapped for over 700 days.
The investors also reference a federal reprimand for the SEC’s actions in the Debt Box case, describing it as a betrayal of the public trust.
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Adding a historical tone, the letter refers to Gary Gensler as the “Ozymandis of finance,” a figure whose influence will crumble into irrelevance. “No buildings will be named after you,” it declares, emphasizing the collective disdain from retail investors.
The farewell concludes with a stark message: “Goodbye, Gary. We will never, ever forget you.”
The People Have Spoken
This public outcry indicates growing dissatisfaction among retail investors with the SEC’s approach to regulating cryptocurrencies and traditional markets under Gensler’s leadership. Critics argue that instead of protecting investors, the SEC policies hinders innovation and caused unnecessary harm.
As the financial world waits to see who will succeed Gensler, the legacy of his controversial tenure remains a hotly debated topic in the corridors of Wall Street and beyond.
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