SEC Admits a Year of Gary Gensler’s Messages Have Vanished
A new report from the U.S. Securities and Exchange Commission’s Inspector General has reignited controversy around former Chair Gary Gensler.
The agency confirmed that nearly a year of text messages from Gensler’s government-issued phone disappeared, covering a period that included the collapse of FTX and several critical decisions on crypto enforcement.
A Year of Messages Lost
According to the Inspector General, the lost records span October 2022 through September 2023, coinciding with one of the most turbulent stretches in digital asset history. Investigators described the loss as the result of “avoidable” technology failures inside the SEC’s Office of Information Technology. Weak oversight, ignored alerts, poor backup procedures, and vendor flaws all contributed to the disappearance.
Although more than 1,500 messages were eventually recovered from other sources, officials determined that over a third of the missing conversations related directly to SEC business. Among them was a May 2023 exchange between Gensler, his staff, and the head of Enforcement about the timing of actions against crypto trading platforms.
Timing Raises Questions
Industry observers were quick to highlight how the gap aligns with the implosion of FTX and its aftermath. Nate Geraci, president of NovaDius Wealth Management, called the situation troubling, noting that the missing window also covered the Grayscale spot Bitcoin ETF lawsuit. “Think about everything that happened in crypto during this time,” Geraci said. “It makes you wonder.”
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Reports had already circulated that Gensler held discussions with FTX representatives before the firm’s bankruptcy. Critics argue that the absence of direct communications from that period makes it harder to scrutinize how the SEC engaged with Sam Bankman-Fried and his team.
Leadership Shift
Gensler, long known in crypto circles for his aggressive enforcement approach, left office under heavy criticism from digital asset advocates. His successor under the Trump administration, Paul Atkins, has already struck a different tone, stating that most cryptocurrencies should not be treated as securities.
The disappearance of Gensler’s text history may not provide definitive answers, but it does highlight persistent questions about transparency at the SEC—and whether the agency handled one of the most consequential chapters in crypto history with adequate accountability.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
