U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler shared his views on his tenure and the future of crypto regulation in a recent interview with Bloomberg Markets. Gensler, who will leave his post on Jan. 20, 2025, discussed the challenges and successes of his time at the helm of the SEC, particularly overseeing the $120 trillion U.S. capital market and regulating the rapidly evolving cryptocurrency sector. Gensler, who called his role a privilege, emphasized the SEC’s mission to protect everyday investors and ensure fair and transparent markets. “What we do here is protect everyday Americans, people trying to save for a better future,” he said, highlighting initiatives such as shortening the stock market payout cycle and enforcing rules to protect personal data. During Gensler’s tenure, there has been a significant focus on cryptocurrencies, an industry he once likened to the “Wild West.” Under his leadership, the SEC has intensified its regulatory scrutiny, filing more than 100 crypto-related enforcement actions on top of the 80 cases initiated by his predecessor, Jay Clayton. Despite these efforts, Gensler noted that the industry remains rife with noncompliance and bad actors. Related News: BREAKING: FED's Highly Anticipated Critical Meeting Minutes Released - Here's All You Need to Know “Bitcoin accounts for two-thirds to 80% of the value of the crypto market, but beyond that, there are 10,000 to 15,000 projects, many of which will not survive,” he said. Gensler also noted the speculative nature of cryptocurrencies, citing their limited fundamentals and vulnerability to pump-and-dump schemes. High-profile cases, such as those involving Sam Bankman-Fried and other industry figures, have resulted in billions in losses for investors. Gensler expressed pride in the SEC’s enforcement efforts, while acknowledging that “there’s still work to be done,” particularly when it comes to altcoins and brokerages. Gensler, who described how he transitioned from academia to regulatory leadership, addressed perceptions that he might be a crypto advocate because of his work at MIT. “When you’re in academia, you can study and teach about the value propositions of new technologies,” he said. “But in this job, you’re sworn to protect the investing public, and that means addressing challenges and non-compliance.” *This is not investment advice. Continue Reading: SEC Chair Gary Gensler Makes One Of His Last Statements Before Stepping Down: Again Talking About Bitcoin and Cryptocurrencies
