Gensler of the SEC: Cryptocurrency must adhere to securities regulations
Gary Gensler once again urged the crypto industry to follow existing federal policies in what may be the twilight of his SEC career.
In remarks prepared for the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler implored crypto actors to adopt compliance and disclosure practices, according to Bloomberg.
Reiterating his usual stance, the U.S. Securities and Exchange Commission chair stated that most of the over 10,000 cryptocurrencies are securities, explicitly excluding only Bitcoin (BTC), Ethereum (ETH), and stablecoin from his blanket declaration.
Gensler also expressed gratitude towards agency staff for their support of his efforts to enforce federal legislation for America’s financial markets.
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.
Gary Gensler, SEC chair
The crypto community is no stranger to the regulator’s thoughts. Yet, some posited that his comments at the event sounded somewhat of a goodbye message. His term technically runs until 2026, and a different outcome in the U.S. presidential election may have solidified his seat as SEC chair. However, pro-crypto Donald Trump overpowered Kamala Harris on the ballot and uncertainty loomed over Gensler’s SEC future.
Trump’s agenda would see the SEC chair out of a job, as the president-elect pledged to fire Gensler on his first day in office and end the government’s crypto crackdown.
There are debates about whether Trump would have the constitutional authority to boot the SEC’s boss immediately. What’s known is that Trump’s first option could be an open invitation for the SEC’s chair and other federal agency leaders to resign their posts.
The SEC chair had not indicated whether he would step down upon Trump’s inauguration at press time. Names like Robinhood’s CLO Dan Gallagher and SEC commissioner Hester Peirce have emerged as potential candidates to lead the securities regulator under the Trump administration.
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