Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's tenure has been criticized for contributing to the rise of memecoins and scams within the cryptocurrency market. Critics argue that Gensler's approach to regulation, perceived as overly aggressive and politically motivated, led to a lack of clear regulatory frameworks, which in turn fostered an environment ripe for memecoin fraud and rug pulls. Some commentators have linked the current state of the crypto market, characterized by scams and the dominance of memecoins, directly to the regulatory failures during Gensler's time at the SEC. The situation has been exacerbated by actions such as the launch of Trump's $TRUMP token and the inaction of David S, alongside discussions about defunding the SEC, which critics say could lead to a 'Rust Belt 2.0' scenario in the crypto space. Additionally, the crash of Ripple's XRP by 90% has been attributed to Gensler's regulatory approach.