SEC Text Mess: Former Chair’s Communications Disappear in IT Oopsie

A new report from the U.S. Securities and Exchange Commission (SEC) reveals a major blunder involving former Chair Gary Gensler’s text messages. The SEC’s own IT department failed to properly archive these communications, resulting in crucial information being lost between October 2022 and September 2023. The report highlights avoidable mistakes, including gaps in oversight, poor internal communication, and a lack of urgency regarding data retention risks. This incident raises concerns about transparency and record-keeping within the SEC, particularly as it comes amid public scrutiny over crypto enforcement.