Oh joy, the SEC’s Office of Inspector General (OIG) is spilling the tea on a year’s worth of missing texts from none other than former chair Gary Gensler 🥳. It seems the IT mavens at the SEC accidentally hit “delete” on his phone during a bit of technical shenanigans, leading to what can only be described as an “avoidable error” in the world of government departments. Oops!
Picture the scene: a trove of potentially scandalous texts from a time when the crypto universe was imploding faster than a diet gone wrong – we’re talking the FTX collapse, the Grayscale Bitcoin ETF lawsuit, and the usual regulatory rodeo. 🎢
A Day in the Life of Cybersecurity
In this comically dramatic tale, the OIG’s latest release reveals that goodness me, in August 2023, those responsible for safeguarding the cyber lives of regulators decided it would be a good idea to wipe Gensler’s phone after misjudging its activity levels. Imagine if your phone decided to take an impromptu digital plunge while you were asleep ⚡😴.
crypto busts, big bank settlement talks, and backroom White House dealings. 🍿
The scene-stealer, Nate Geraci, noted the direness of it all, pointing out that the texts covered all the juicy bits of crypto history, from FTX’s downfall to the dramatic Grayscale ETF saga. Oy.
Investigators scrounged up about 1,500 texts from various channels, only to find that most matched the “federal records” criteria, with around 38% of these OG conversations being “mission related.” Inter-office chats include a juicy May chat with, who else, the Enforcement Division Director about crypto platform actions, an enlightening June discussion with a Commissioner on settlements with major financial firms, and a January chill session on a future Whiiste House rendezvous. 🌟
He Said, She Said: Publicly Slamming the Wipe?
Cue the irony when, as Gensler’s texts vanished faster than a billionaire’s philanthropy plans, the SEC ramped up enforcement on Wall Street for record-keeping offenses. Names? JPMorgan, Goldman Sachs, Citigroup – you know, just the usual suspects. 📉
Coinbase’s Paul Grewal was not amused, muttering under his breath about the incongruity of the SEC lecturing Wall Street on compliance while facing its own “oopsie” moments. “Quite possibly deliberate evidence destruction,” he hinted, with the slyness of someone who knows they’re onto something. 🕵️♂️
The Inspector General added a dash of concern by stating that the SEC’s ability to deal with Freedom of Information Act requests might be slightly, unintentionally undermined. Oh dear.
In their after-the-fact mitigation efforts, the SEC decided texting on most agency devices is a no-go, alerted the National Archives about their oopsies, started a new record-keeping training program (Capstone), and upgraded their backup whatchamacallits. 🛡️
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2025-09-05 12:14