Gary Gensler’s Speech Sounds Like A Goodbye: Meme Coins Already Clowning On The SEC Chair

Speculation online suggests SEC Chair Gary Gensler is gearing up to resign his position ahead of Trump, and meme coins like Gonesler are pumping.

Yesterday (November 14), Gary Gensler, the chair of the Securities and Exchange Commission (SEC), defended his reign while strongly hinting that he is to step down from his position soon. The remarks came at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation.

Gary Gensler just made a farewell speech.

Good riddance. pic.twitter.com/u1PmqPBPBA

— Cryptonary (@cryptonary) November 14, 2024

SEC Chair Remarks On His Remarkable Colleagues In What Seems Like A Farewell Message

In yesterday’s speech, Gensler indicated that he is ready to call it a day. “It’s been a great honour to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” he said, referring to his colleagues.

He went on to add, “I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”

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Gensler Defended His Stance On Crypto And Record As Chair Of The SEC

Gensler (farewell?) speech 👀

A LOT of backtracking here on crypto.
– “Many of which courts ruled are securities” vs. “most of which are securities.”
– BTC not security (maybe ETH too?)
– bragging (!) about approving the BTC ETFs
– “possible” use for illicit activities pic.twitter.com/UAXmQ7tkQO

— Alexander Grieve (@AlexanderGrieve) November 14, 2024

In the same speech, the former Goldman Sach executive said, “Court after court has agreed with our actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered, whatever their form.”

Gensler also made it clear that he hadn’t targeted every digital asset. For example, he has never called for Bitcoin to be classified as a security.

“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities,” the SEC chair said before adding, “That’s less than 20 percent of the whole crypto market and less than one quarter of one percent of the worldwide capital markets.”

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Gensler Potentially Looking For A Quiet Exit Over What Would Likely Be A Very Public Ousting From Trump

❤️💛💚💙

🚨 Donald Trump:

"Let me say it again. On Day 1, I will Fire Gary Gensler."

🚀 SEND IT pic.twitter.com/eYru8pwPah

— yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) November 6, 2024

President-elect Donald Trump’s victory in the November 5 election virtually assured Gensler’s time at the agency was numbered. At the Bitcoin Conference 2024 back in July, Trump made his feelings on Gensler clear to those in attendance, ‘Let me say it again. On day one, I will fire Gary Gensler.’

Trump’s promise to remove Gary as the SEC chair on day one was met with a raucous cheer from the pro-crypto crowd. There is a good chance that Gensler resigns from his role before Trump takes office, to save himself from the public humiliation of being fired.

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It Took A Matter Of Minutes For Meme Coins To Begin Popping Up: It Looks Like $GONESLER Is The Winner

( Source: @goneslercto )

In typical crypto fashion, it wasn’t long before multiple meme coins went live regarding Gensler’s potential exit. As with most high-profile meme coins during this cycle, the majority were created on Solana. While most have since died off overnight, one that is still going strong is $GONESLER.

Gary Gonesler (GONESLER) was launched less than ten minutes after Gensler’s comments began circulating yesterday. Within 2 hours of being live, GONESLER shot up to $17 million in market cap, over 125x from its launch price. There was the typical sell-off overnight where early investors began taking profits.

However, where 99% of the other Gensler meme coins died there and then, GONESLER has begun recovering. During the sell-off, its market cap dropped as low as $2 million but is already back over $3.5 million. In its 18-hour lifespan thus far, GONESLER has processed over $50 million in trading volume.

With this being the only true survivor in the Gensler meme coin space, an official resignation from the SEC chair likely sends this back to its previous highs.

( Source: DEXScreener )

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