Republican members of the U.S. House of Representatives have informed SEC Chairman Paul Atkins that they are investigating the missing text messages during the tenure of former SEC Chairman Gary Gensler.
House Financial Services Committee Chairman French Hill stated in a letter to Atkins on Tuesday that the findings from the SEC Office of Inspector General (OIG) investigation in early September raised questions about whether the SEC acted with transparency and integrity under Gensler's leadership during his term from 2021 to 2025.
Hill noted in the letter that the House Financial Services Committee "is in contact with the Office of Inspector General to further understand the contents of its report, clarify unanswered questions, and discuss other areas that require further oversight and investigation."
Many in the cryptocurrency industry have accused Gensler of playing a key role in the Biden administration's alleged plan to pressure banks to refuse or limit services to crypto businesses, believing that the SEC under his tenure stifled industry development through lawsuits against multiple crypto companies.
The letter was also signed by senior House members Ann Wagner, Dan Meuser, and Bryan Steil, stating that Gensler had sued several financial companies on the grounds of "widespread record-keeping failures," collecting over $400 million in fines through settlements just in 2023.
House Republicans claim that the deleted text messages reflect a clear double standard.
The SEC Office of Inspector General (OIG) stated that the SEC's information technology department implemented a poorly understood automated policy, resulting in the complete deletion of Gensler's government-issued phone, which also erased text messages from October 2022 to September 2023.
The OIG found that this data loss was further exacerbated by poor change management, a lack of proper backup equipment, ignored system alerts, and unresolved vendor software defects.
The OIG discovered that some of the deleted text messages from Gensler involved the SEC's enforcement actions against crypto companies and their founders, meaning that important communications regarding how and when the SEC pursued cases may never be fully known.
Additionally, the SEC experienced a security breach in January 2024 when hackers compromised its X account, posting false messages claiming that the SEC had approved a spot Bitcoin (BTC) exchange-traded fund (ETF).
X attributed this security lapse to the SEC's failure to enable two-factor authentication.
Related: Is the Bitcoin (BTC) price bottoming out at $108,000? Three signs indicate that the worst may be over.
Original: “House Republicans to Investigate Gary Gensler's Deleted Texts”
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