In a speech that had the tone of a farewell, SEC Chairman Gary Gensler defended his approach to regulating the crypto industry and reviewed key accomplishments during his tenure.
Speaking at the Practising Law Institute’s 56th annual securities regulation conference, Gensler expressed pride in leading the SEC since April 2021, emphasizing the importance of transparency and investor protection.
Reflecting on his time at the agency, Gensler highlighted several regulatory milestones, including new disclosure requirements on data breaches, executive pay, and share acquisitions exceeding 5%.
He briefly mentioned the controversial climate change disclosure rule, which has faced legal challenges.
Gensler also noted progress in market structure, such as implementing rules for central clearing of Treasuries and shortening the stock settlement cycle from two days to one, alongside adjustments for stock price increments.
Turning to crypto regulation, Gensler reiterated that while Bitcoin is not classified as a security, thousands of other digital assets fall under the SEC’s jurisdiction.
He defended the agency’s enforcement stance, stressing that failure to regulate the crypto market has led to significant harm to investors and that most crypto assets still lack sustainable use cases.
Concluding his remarks, Gensler did not announce a resignation but expressed gratitude:
“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
Recently, US lawmakers criticized the SEC for creating policy uncertainty, with many arguing that Gensler’s hardline stance has stifled innovation in the emerging digital asset sector.
Gensler, who has repeatedly stated that most cryptocurrencies should be classified as securities, faced tough questions about the lack of clear guidelines regarding blockchain-based currencies like Ethereum.
“Look, not liking the rules is not the same as, there aren’t rules,” says @GaryGensler on crypto regulation. “I think there’s a lot that have profited off of the public’s interest in this field but profited without the proper disclosures.”
Gensler had reiterated in the past that cryptocurrency is not a security.
Members of the House of Representatives have accused Gensler of confusing the digital asset sector by coining new terms like “crypto asset security” without providing clear definitions or guidance.
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