Within the marble arteries of Washington, where the law breathes through polished stone, the House’s Republicans tell Paul Atkins they seek the missing voices-the texts of Gary Gensler from the years when the SEC wore his name like a mantle. A sly joke of fate, perhaps, that messages vanish as if by moonlight, while the statutes stand stock-still like patient oaks. 😂
The September dawn carried a report from the Office of Inspector General, a pale wind that casts doubt on whether the Gensler-led SEC wore transparency and integrity like banners through 2021 to 2025. French Hill, chair of the House Financial Services Committee, speaks in a letter to Atkins as if reading a weathered map of questions and rumors. 🤔
Hill said the committee is “engaging with the OIG to learn more about their report, seek clarity on outstanding questions, and discuss additional areas that require further oversight and investigation.”
Many in the crypto world murmur that Gensler stands at the crossroads of a Biden-era design to press banks into curbing crypto, and that the SEC, under his gaze, pressed down with lawsuits on crypto firms during his tenure. A drama of governance, wearing a digital dust jacket and a smile that knows the punchline. 😅
Republicans accuse Gensler of double standards
The letter, signed also by House Ranking Members Ann Wagner, Dan Meuser, and Bryan Steil, says that Gensler sued several financial firms for “widespread record-keeping failures,” collecting more than $400 million in fines to settle charges in 2023. The ledger reads like a stubborn drumbeat, while the wind carries away the details. 💼
The deleted text messages highlight a clear double standard, the House Republicans claim.
“It appears that former Chair Gensler held companies to a standard that his own agency did not meet.”
SEC IT department blamed for deleted texts
The OIG said the SEC IT department implemented a poorly understood automated policy that triggered a full wipe of Gensler’s government-issued mobile phone, which also deleted text messages between October 2022 and September 2023. A modern fable of cables and clouds, where everything that can go wrong does, and then some. 🖥️
The loss was worsened by poor change management, lack of proper backup devices, ignored system alerts, and unaddressed vendor software flaws, the OIG found. The bureaucracy sighs, and the data vanish into the night like a stubborn rumor. 🕳️
Conversations with crypto enforcement actions were lost
The OIG found that some of Gensler’s deleted texts involved SEC enforcement actions against crypto companies and their founders, meaning that key communications about how and when the SEC pursued cases may never be fully known. The river keeps its secrets, and the boats drift downstream without oars. 🌊
The SEC also experienced a security blunder in January 2024, when a hacker compromised its X account to post false news that it approved the spot Bitcoin (BTC) exchange-traded funds. A mock sun rose over the digital plain, and the birds tweeted misinformation like a chorus. 🐦
X attributed the security breach to the SEC not having two-factor authentication enabled. The modern world, it seems, loves a dramatic toggle switch between vigilance and chaos. 🔐
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2025-10-01 07:50