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Exclusive: “Goodbye Gensler” campaign launches: “restore integrity to the SEC”

Although President-elect Donald Trump has not yet chosen who will head the Securities and Exchange Commission (SEC), he’s all but certain to replace its current chair, Gary Gensler — a new campaign, shared exclusively with the Washington Reporter, is eager to help.

Consumer Action for a Strong Economy (CASE) rolled out an anti-Gensler campaign, called “Goodbye Gary,” this month, which includes a series of ads and information about his failures. “Chairman Gary Gensler has turned the SEC into a laughingstock,” one of CASE’s ads says. “A judge says Gensler committed a ‘gross abuse of power,’” it adds. The campaign also includes a microsite where visitors are encouraged to sign a “goodbye Gary” card to “help Gary out the door.”

“Under Chairman Gensler, the SEC has become weaker, less effective, and less trusted by the American people,” Matthew Kandrach, CASE’s president, said. “He’s wasted millions of taxpayer dollars on failed lawsuits against lawful American companies, actively undermining the U.S.’s role as a global innovation leader.”

Gensler has for years been under bipartisan fire from Reps. Mike Flood (R., Neb.), Tom Emmer (R., Minn.), Ritchie Torres (D., N.Y.), Bill Huizenga (R., Mich.), Andy Barr (R., Ky.), and more — specifically over his hostility to the crypto industry. 

“The SEC under Gary Gensler’s leadership has been arbitrary in its enforcement, obstinate when confronted with its faults, and anti-innovation to emerging industries like crypto,” Flood told the Reporter. “Thankfully, President-elect Trump has pledged to fire Gary Gensler and end his reign of incompetence. I look forward to future leadership of the SEC that works to promote innovation and provide opportunity through our capital markets to more Americans.” 

“What we’ve seen from Mr. Gensler is not regulation,” Torres said. “It’s the weaponization of the SEC against the crypto industry, which he considers useless and which he politically disfavors. And that to me is an abuse of power.”

Last year, the organization launched a “what is Gensler hiding?” campaign in response to his refusal to answer questions about his ties to Sam Bankman-Fried.

“Why won’t Gensler answer Congress’s questions?” it asked. At that time, Rep. Patrick McHenry (R., N.C.), threatened to subpoena Gensler for his silence.

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