House Republicans to probe Gary Gensler’s deleted texts

House Republicans are investigating the deleted text messages of former SEC Chair Gary Gensler from his tenure between 2021 and 2025. They expressed concerns regarding the transparency and integrity of the SEC under Gensler in a letter to current SEC Chair Paul Atkins. The investigation focuses on potential double standards, as the SEC previously fined several financial firms for record-keeping failures, raising questions about Gensler’s adherence to similar standards. The SEC’s Office of Inspector General reported that the loss of Gensler's texts was attributed to an automated policy malfunction, poor change management, and technical flaws, resulting in the deletion of critical communications related to enforcement actions against crypto companies. Some of these messages could have detailed the regulatory approach towards crypto, which remains essential for understanding the SEC’s actions. Furthermore, the SEC faced a notable security incident in January 2024 when its social media account was hacked, misleadingly announcing approval for a Bitcoin ETF.

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