SEC lost nearly a year of messages from Gary Gensler due to technical error

The Office of the Inspector General (OIG) of the U.S. Securities and Exchange Commission (SEC) recently released a noteworthy report: nearly a year of messages on the official phone of former Chairman Gary Gensler were permanently deleted due to a series of technology and management errors.

Specifically, from October 18, 2022, to September 6, 2023, all of Gensler's messages disappeared after his phone was deemed "inactive" for 62 days. The new policy of #SEC required automatic deletion of devices after 45 days of disconnection, which triggered this. When Gensler returned to headquarters, staff inadvertently performed a factory reset, making the data irretrievable.

#OIG believes this is a consequence of ignored warnings, poor coordination with the vendor, and a lack of control in the change process. This data loss could affect Freedom of Information Act (FOIA) requests and has been reported to the National Archives.

Notably, the lost period coincides with the SEC's intensified crackdown on the crypto market: suing Genesis and Gemini, fining Kraken $30 million, warning Paxos, and internally considering Ethereum as a security. These messages may contain important policy discussions with the crypto industry.

⚠️ Note: The cryptocurrency market is highly volatile and significantly impacted by the legal framework. Investors should carefully consider before participating. #anhbacong