SEC Chairman Gary Gensler Made One of His Final Statements Before Leaving Office: Spoke Again About Bitcoin and Cryptocurrencies!

SEC Chairman Gary Gensler recently shared his views on his term in office and the future of crypto regulation in an interview with Bloomberg Markets.

Gensler, who will leave office on January 20, 2025, discussed the challenges and successes of his time at the SEC, especially in supervising the $120 trillion US capital market and regulating the rapidly developing cryptocurrency sector.

Describing his role as a privilege, Gensler underscored the SEC's mission to protect everyday Americans and individuals striving to save for a better future. Gensler highlighted initiatives such as shortening the stock settlement cycle and enforcing rules to protect personal data.

During Gensler's tenure, there has been significant focus on cryptocurrencies, an industry that he once likened to the 'Wild West.' Under his leadership, the SEC intensified its regulatory scrutiny by filing over 100 enforcement cases related to crypto, building upon the 80 cases initiated by his predecessor, Jay Clayton. Despite these efforts, Gensler noted that the industry continues to be rife with non-compliance and bad actors.

"Bitcoin represents two-thirds to 80% of the value of the cryptocurrency market, but beyond that, there are 10,000 to 15,000 projects that many of them will not survive," he said. Gensler also highlighted the speculative nature of cryptocurrencies, pointing out their limited fundamentals and vulnerabilities to pump-and-dump schemes.

High-profile lawsuits involving figures like Sam Bankman-Fried have led to billions in losses for investors. Gensler expressed pride in the SEC's enforcement efforts, acknowledging that there is still work to be done, especially concerning altcoins and brokers.

Gensler, who explains how he transitioned from academia to regulatory leadership, addressed perceptions that he could be a supporter of crypto due to his work at MIT. He said, 'While in academia, you can study and teach about the value propositions of new technologies,' and added, 'But in this business, you are taking an oath to protect the investing public, which means addressing challenges and inconsistencies.'