Ratioing Gensler on Twitter is sadly crypto’s most powerful protest

The odds are stacked against crypto, with or without Gensler, so it’s no wonder that underdog energy thrives on Twitter

article-image

SEC Chair Gary Gensler | Source: Third Way Think Tank "Gary Gensler" (CC license)

share

If you squint and turn your head a bit, crypto looks something like a protest movement.

  • Sick of banks exploiting your deposits for their own gain? Buy bitcoin.
  • Tired of overt financial surveillance? Buy monero.
  • Rather gamble on Binance than casino blackjack? Buy shiba inu.

Outside of passive-aggressive speculation crypto fans have few ways of effective protest, especially against this cycle’s No. 1 villain, SEC chair Gary Gensler.

Bagholder marches aren’t really a thing (yet). So, a Manhattan rally for those who bought the top on the SEC’s “crypto securities” is out of the question.

Publicity stunts are also absent. Climate protestors throw soup on Van Goghs and glue themselves to The Scream, but you won’t catch a MATIC maxi chaining his ankles to the Wall Street Bulls’ balls lest the SEC back off.

What about a protest vote? Favorable securities laws are the single issue that determines your vote in the next election. All sorts of moral hazards and miseries ensue, by way of grubby political pandering.

Throw money at PACs and Super PACs working in mysterious ways to install crypto-friendly politicians, sure, but that can be expensive — and you won’t even get a volatile cryptocurrency in return. 

Loading Tweet..
Ahhh I’m ratioinggggg

Ratioing Gensler on Twitter is really all there is. It started out as a light ribbing. A few hundred more comments to likes — mostly in response to Robinhood’s payment-for-order-flow controversy amid GameStop mania. 

XRP army rumblings, even, about the Ripple case and the much-anticipated-and-now-released Hinman documents.

In between, there were plenty of posts with more healthy ratios. His first post directly addressing crypto, in September 2021, was warmly received, in fact, scoring a 1:2 ratio (comments to likes).

Simpler times, when there was still hope

All that had worn off about a year later, as the SEC ramped up its prosecution of major US players, namely Coinbase. It’s only getting worse. 

These days, Gensler can’t post ELI5s about compound interest without being mercilessly trolled, with one such tweet facing a 5:1 ratio last week. 

Replies include: “Everyone would rather like to know ‘What is a security?” and “Can you please do a post on what a bad faith actor is?” as well as “I have a ‘compounding interest’ in the #FireGaryGensler movement!”

Gensler ratios deteriorated after the Coinbase Lend Wells notice

A recent post advising college students on summer holidays to consider the best ways to save money was hammered at more than 8:1. “Best advice for college grads: don’t take advice from Gary.” “Is this financial advice from Gary Gensler himself? SEC should sue him for this.” “Who bullied you at school?”

Certainly there have been instances in history where the SEC chair has been forced to resign for mild-to-medium corruption. Even fraud. Legitimate accusations against Gensler are however non-existent, more meme than reality.

(Blockworks opinion editor Molly Jane Zuckerman previously outlawed any more opinion pieces about Gensler. Luckily, she’s not here today.)

Read more: Gary Gensler is utterly unimportant

Loading Tweet..
Another tweet just said “ratio.”

Fantastical headlines still fuel frothy expectations through less discerning audiences that Gensler may well be moved on from his post. 

A rumor that Gensler was ready to resign, fanned by an AI-generated blog last week, quickly triggered an SEC denial through a Fox News reporter.

Industry lobby groups are lending legitimacy to the rabble-rousers, after two House Republicans cleared a warpath. The Blockchain Association (BA) in a fiery statement last week demanded Gensler recuse himself from all matters digital asset, on account of his opinion that bitcoin is the only kosher crypto clouds his judgment.

The associated tweet from BA lawyer Jake Chervinsky boasted a dynamic 1:17 ratio

Will Gensler, a Biden appointee, resign, embarrassed by non-stop boos of the digital swamp we call Crypto Twitter? 

Probably not. Even if Donald Trump wins. The former President hates crypto (and loves the US dollar), why would he install a sympathizer? 

Still, with no other recourse, ratioing Gensler on Twitter is all crypto has right now.



Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

Cambridge Centre for Alternative Finance analyzes post-Merge geographical distribution of Ethereum nodes in latest climate impact study

article-image

The $650 million locked in Blast’s deposit contract hearkens back to 2020, when Ethereum’s Beacon Chain got under way

article-image

Crypto as an “industry” could probably do without quite as many cults of personality

article-image

Bitcoin has rebounded 130% so far this year

article-image

Following layoffs at BAYC parent Yuga Labs and OpenSea, Tiger Global marked down its stakes

article-image

Recent SEC filings suggest the regulator could be lining up the approval of multiple proposals in early January, segment observers argue