- Gary Gensler has fallen under the spotlight for his bad performance review.
- Notable crypto experts gave their opinions on Gensler’s performance.
- The IG notes that the consequences of the internal control gap have not been fully reported by the SEC.
SEC chairman Gary Gensler has fallen under the spotlight for his bad performance review. Businesses, agency officials, and senators are raising concerns regarding Gensler’s regulations that could dampen the economy.
From @WSJopinion: Even SEC officials and Democratic Senators are raising alarms about SEC Chairman Gary Gensler’s furious rule-making pace https://t.co/1P1rf1B8xB— The Wall Street Journal (@WSJ) October 28, 2022
According to the report, Gensler’s leadership has received a harsh review from the SEC Office of Inspector General (IG) this month. Division managers told the IG that his fast-paced agenda of getting things done is overwhelming the staff and consuming resources.
The IG report read:
Some believed that the more aggressive agenda—particularly as it relates to high-profile rules that significantly impact external stakeholders—potentially (1) limits the time available for staff research and analysis, and (2) increases litigation risk
Following the release of the review, some crypto experts took their take on it. Several investors and lawyers including John E Deaton, James K Filan, Ben Armstrong, Stuart Alderoty, and Eleanor Terrett took to their social media handles to give their opinions on Gensler’s performance review.
The founder of Crypto-law, John E Deaton, ridiculed Gensler for looking keenly into his own finances and seeking the help of his personal wealth manager, Vanguard. On the other hand, he offers no consideration for other 75K retail token holders.
Next in line to take a dig at Gensler was Ben Armstrong, the founder of BitBoyCrypto.com, who in the best of his humor roasted the SEC chair.
Armstrong wrote on Twitter:
Oh Father who is with us, Dirty @GaryGensler be the namePlease protect us from our investments, dumb as we may be. Don’t forget to save us from those companies like META who attempt to ruin us with 20% red candles. Be with us forever Gary as our guardian. Forever and ever
Furthermore, Ripple General Counsel, Stuart Alderoty added that this is SEC’s own cop on the beat saying the commission has no jurisdiction over crypto, despite his embarrassingly bad performance evaluation.
In conclusion, the IG notes that the true consequences of the internal control gap have not been fully reported by the SEC. However, Gensler has yet not commented on the performance review.
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