How was he incompetent?
Rejecting the GBTC application on shakey grounds. Approving an ETF for Etherium when he knows it passes the Howey test. I'm sure there's more & I'm also assuming incompetence over malicious intent.
I agree with #2.
if you haven't had a chance, Caitlin Long did a podcast with Nik Bahtia that covered operation choke point and it sounded like Gary also paired with Elizabeth Warren and the Fed to take down silvergate and block custodia. definitely more speculative and he said she said then other stuff but it was pretty evil