Tyler Winklevoss Blasts Gary Gensler

CRYPTO
Tyler Winklevoss Blasts Gary Gensler

Gemini co-founder Tyler Winklevoss has harshly criticized SEC Chair Gary Gensler, claiming his actions have irreparably harmed the cryptocurrency industry. In a Nov. 15 post on X, Winklevoss stated, “Gary Gensler is evil” and argued he should never hold a position of power again. These comments come amid speculation of Gensler’s resignation following Donald Trump’s recent presidential victory.

Winklevoss accused Gensler of pursuing a deliberate agenda to stifle the crypto sector, stating, “His behavior cannot be excused as ‘good faith mistakes.’” He alleged Gensler’s regulation-by-enforcement approach caused extensive damage, including job losses, disrupted livelihoods, and destroyed investments, all to advance his personal and political goals.

During Gensler’s tenure, major crypto players like Binance, Coinbase, and Ripple have faced legal scrutiny, intensifying tensions within the industry. MicroStrategy’s Michael Saylor called Gensler’s successor pivotal for crypto’s future, while ConsenSys CEO Joseph Lubin likened the SEC’s actions to “gaslighting.”

Adding to the backlash, 18 U.S. states recently sued the SEC, accusing it of overreach. Reports suggest Robinhood’s legal chief Dan Gallagher may be a frontrunner to replace Gensler, signaling potential shifts in crypto regulation.
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FINANCE
Cathie Wood Backs Musk’s Initiative

ARK Invest CEO Cathie Wood expressed confidence in Elon Musk’s ability to succeed as head of the Department of Government Efficiency (DOGE), a new federal initiative aimed at reducing government spending. Appointed by President-elect Donald Trump, Musk’s role leverages his reputation for innovation and data-driven decision-making.

“I think he’s going to bring a lot of efficiency to government,” Wood told CNBC, citing Musk’s access to vast proprietary data from his companies, including Tesla, SpaceX, and X (formerly Twitter). She emphasized that Musk understands the convergence of technologies like AI, which positions him uniquely to lead such an initiative.

Musk first proposed a government efficiency commission during a live X Spaces discussion with Trump in August, emphasizing the importance of ensuring taxpayer money is well-spent. His companies’ extensive data capabilities—from Tesla’s autonomous driving analytics to Starlink’s global internet insights—add credibility to his leadership in this effort.

Joining Musk as co-director is biotech investor and former Republican candidate Vivek Ramaswamy, who will focus on healthcare cost reductions. While specifics remain unclear, the DOGE initiative, modeled after a consulting group, aims to propose $2 trillion in budget cuts, sparking inevitable political challenges.

“They’ll use technology and sensible measures to rein in spending,” Wood said, expressing optimism about the bipartisan potential of the initiative.
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FINANCE
Tesla May Outlast Rivals Post-Credit

President-elect Donald Trump’s reported plan to cut the $7,500 EV tax credit could reshape the electric vehicle (EV) market, analysts at Wedbush say, with Tesla emerging as a potential long-term beneficiary. While eliminating the credit might hurt Tesla slightly, its unmatched scale and scope could help it outlast competitors, particularly legacy automakers like Ford and GM, as well as newcomers like Rivian.

Wedbush analyst Dan Ives noted that Tesla’s ability to weather the loss of the credit highlights its pricing and production advantages. CEO Elon Musk has also stated that while the removal may slightly impact Tesla, it would be "devastating" for its competition.

Despite concerns, analysts believe Tesla could gain influence over the incoming administration's EV policies, aligning with Trump’s focus on boosting U.S. manufacturing. However, the broader EV industry might face slowed growth, particularly for automakers reliant on the credit to offset costs.

Still, industry trends suggest EV adoption will continue to rise, regardless of government incentives, as consumer interest in electrification grows.
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Meme of the day

Word of the day
Steadfast

Someone described as steadfast is very devoted or loyal to a person, belief, or cause. Steadfast is also used to describe something, such as support, that remains unchanging.

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