- Head of SEC Gary Gensler takes heat on Twitter over his latest appearance in the Oversight hearing.
- Crypto personality The Dev created a troll video on Gensler which has been retweeted by Bitboy Crypto.
- The troll video mocks the lack of clarity Gensler has over his regulatory rules.
Crypto influencer Ben Armstrong, known on Twitter as Bitboy Crypto, has recently retweeted a troll video created by The Dev, another popular crypto personality, on Gary Gensler, the infamous Chairperson of the U.S. Securities and Exchange Commission (SEC).
OMG this is hilarious. The Dev for the win https://t.co/aVl9af9GNW— Ben Armstrong (@Bitboy_Crypto) April 19, 2023
In the video, an actor is seen mockingly impersonating Gensler while he makes regulatory rules on the tokens. The video satirically points out that Gensler heads out to make regulatory rules on securities and tokens according to his whims and fancy.
Armstrong explicitly celebrates this video, as he says, “OMG this is hilarious. The Dev for the win.”
The lashing out from the crypto community was in response to the stance, or lack thereof, taken by Gensler in the recent Oversight Hearing. Gensler had appeared, on Tuesday, in front of the House Financial Services Committee to provide regulatory clarifications.
According to a US Senate Banking Committee hearing video published on YouTube, it is seen that Gensler was far from providing clarity to any of the regulatory measures taken by the SEC upon being questioned repeatedly by Committee Chairman Patrick McHenry (R-N.C.) and Rep. Patrick Toomey.
Gensler, it seems, managed to evade questions by the lawmakers so skillfully that the questioners had to give up, as they were either out of time, or out of patience. The community strongly believes that Gensler had no intention of pointing out what factors would classify a token as a security, even though he was repeatedly questioned about the same.
Gensler’s approach to establishing a policy of regulation by enforcement, without providing confirmation on how crypto companies should operate has always been widely criticized by the Twitter community. Gensler is now viewed as their arch nemesis, and as being aggressively anti-crypto by the crypto industry that once saw him as a potential ally.
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