Gensler exits SEC saying crypto regulation remains a work in progress
Key Takeaways
- Gary Gensler leaves his position as SEC chair after completing 100 crypto-related enforcement actions.
- Paul Atkins is nominated to succeed Gensler and might adopt a more lenient approach to crypto regulations.
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Gary Gensler defended the SEC’s crypto enforcement record as he prepares to leave his position as chair on January 20 in an interview with Bloomberg Television.
The agency brought 100 crypto-related enforcement actions during his tenure, following the 80 cases initiated by former chair Jay Clayton during the initial coin offering boom of 2017-2018.
Gensler described the crypto sector as “rife with bad actors” and predominantly driven by sentiment rather than fundamentals.
He maintained his position that most crypto assets qualify as securities and stressed that market intermediaries must comply with securities laws.
President-elect Donald Trump has nominated former SEC commissioner Paul Atkins to succeed Gensler.
Atkins, known for his crypto-friendly position, is expected to adopt a more lenient stance toward digital assets and potentially reduce enforcement actions against the industry.
The SEC under Gensler secured both victories and setbacks in court, including cases against major platforms like Coinbase and Ripple.
Gensler acknowledged that “there is still work to be done” to protect retail investors and enforce compliance.
He cautioned that many crypto projects may not survive and emphasized the need for increased transparency and fundamental market structures.
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Author: Estefano Gomez
