Twitter Adds Community Notes To US SEC Chair Gary Gensler’s Tweet

Elon Musk’s Twitter has added fact-checking community notes to the US SEC Chair Gary Gensler’s tweet on the Coinbase lawsuit. Gensler wrote that Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation.

Twitter community note added to the tweet that Coinbase had to sue the SEC to attempt to get simple clarity over the issue that this tweet alleges the crypto company guilty of.

Twitter crypto community thanks Elon Musk

Crypto community thanked Twitter for rising up and labeling Gary Gensler’s tweet as lacking important context. The lack of context in the case of Coinbase is important because the US-based crypto firm has repeatedly claimed that they asked the SEC for clear guidelines many times. The exchange is currently suing the SEC over it. Coinbase is a publicly listed company in the United States. The IPO of Coinbase was cleared by none other than the US SEC.

Gary Gensler’s awkward relationship with crypto

As reported earlier today, Binance’s lawyers have claimed that Gary Gensler had offered to work for Binance in 2019 as an advisor. Gensler was not the head of SEC at the time. In 2023, he has filed a lawsuit against the same company. This also raises the question of potential confilict of interest. SEC chair did not rescue himself from voting on filing the lawsuit against the world’s largest crypto exchange. In 2018, Gensler openly promoted Algorand as a great project, but now he claims it is an unregistered security. As per the US SEC and Gary Gensler, over 67 cryptocurrencies are securities, worth $100 billion in market cap, that is around 10% of the entire crypto market cap.

A US court has asked the SEC to reply to Coinbase’s rulemaking petition within the next six days.