After the SEC sued the two largest cryptocurrency exchanges earlier this week, memecoins mocking Gary Gensler began gaining visibility in the market.
Good Gensler (GENSLR), for example, has appreciated 258% since the Binance lawsuit, but the chart seems like an even bigger joke than the cryptocurrency itself, with small volume and several candles formed by fuses alone.
On social networks, the project is presented with a caricature of the chairman of the SEC, flying alongside currencies such as Bitcoin, Doge, XRP, Ethereum and Pepe.
“$GENSLR is not a security.”
Other memecoins had a harder time
Since they are memecoins, it is easy to find multiple projects with the same theme. However, unlike the first example, others did it more difficult.
a F*ck Gary Gensler (FKGARY) — “f*ck Gary Gensler” – in translation, is the best example. In addition to the provocative name, the memecoin uses the character Mr. Burns from the cartoon The Simpsons refers to the chairman of the SEC.
“Gary Gensler is a MAJOR THREAT for regulating cryptocurrencies like shit. Fight and join the movement.”
The memecoin even rehearsed a high (6) this Tuesday, but presents a 48.5% loss (7) this Wednesday.
Another cryptocurrency used the acronym SEC (originally Securities and Exchange Commission) to insult the Commission as well.
For the creators of this memecoin, SEC stands for Stupid Egoistical Cocksuckers, or “Stupid Egoístas Cocksuckers”, in literal translation.
“F*ck the SEC.”
The SEC memecoin price chart looks more elegant than previous designs, but the data is for one day only.
“$SEC is a meme token that mocks the SEC’s actions to regulate cryptocurrency markets”the project was described. “They attack everything decentralized and advise us to invest in ‘safe’ licensed financial institutions such as FTX and SVB.”
Gary Gensler’s Twitter is also full of complaints and violations
Ever since the SEC chairman became a cryptocurrency hater, his Twitter posts have been littered with negative comments. During the SEC’s 89th anniversary celebrations on Tuesday, Gary Gensler was bombarded again.
“To throw a party”wrote one user with Gensler dressed as a clown.
You are throwing a party. $snek pic.twitter.com/rbGaMPu5aa
— EV₳N (@Clintchimera) June 6, 2023
Even Binance founder Changpeng Zhao pointed out that many cryptocurrency investors are complaining about the attitude of the SEC and its chairman.
“I wonder if he ever read the comments to his post from the consumers he was supposed to protect.”
Wonder if he ever reads the comments under his post, from the consumers he’s supposed to protect. https://t.co/xQjC872GsD
— CZ 🔶 Binance (@cz_binance) June 5, 2023
Finally, the battle between the US Securities and Exchange Commission and the cryptocurrency industry seems to have only just begun. For now, the market has survived the attacks and even used memecoins to play, but this war is far from over.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
