Gary Gensler releases statement hinting at resignation as SEC Chair
Key Takeaways
- Gary Gensler suggested he may step down as SEC Chair during a recent speech.
- Under his leadership, the SEC has significantly updated market rules and enhanced crypto asset regulations.
Share this article
SEC Chair Gary Gensler signaled a potential departure from his role during remarks at PLI’s 56th Annual Institute on Securities Regulation earlier today.
In his remarks, Gensler addressed various SEC topics, including US capital markets, corporate governance, and disclosure rules.
At the end of his speech, he hinted at a potential resignation, saying,
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.”
In what may be a farewell, Gensler acknowledged the SEC staff, pointing out that they could make more money elsewhere but opt to serve the public.
His remark suggests a departure, recognizing their significant contributions to US financial markets.
Reflecting on his tenure since 2021, Gensler highlighted the SEC’s regulatory efforts, including reforms in the $28 trillion US Treasury markets, updates to the $60 trillion equity market, and ongoing work to ensure fairness for investors and issuers.
In his statement on crypto assets, Gensler addressed the SEC’s continued focus on enforcement, noting that since 2018, crypto-related cases have comprised “five to seven percent of our overall enforcement efforts.”
He reiterated previous statements that Bitcoin is not considered a security, while emphasizing regulatory focus on other digital assets.
“Not every asset is a security,” Gensler said. “Former Chairman Clayton and I have both said that Bitcoin is not a security, and the Commission has never treated Bitcoin as a security.”
During his tenure, the SEC approved the first Bitcoin futures ETF in 2021 and later authorized ETPs for physical Bitcoin and Ether.
Gensler emphasized that these regulated products provided investors with “the benefits of disclosure, oversight, lower fees, and greater competition.”
At the close of his statement, Gensler acknowledged the challenges ahead for the SEC, particularly with the continued rapid evolution of financial technologies like blockchain and crypto.
Share this article
Go to Source
Author: Estefano Gomez
