Gensler Stands Ground on Crypto as Trump Targets SEC

Crypto News Regulation

Facing Trump’s Axe, SEC Chair Gensler Holds Steady on Crypto Rules

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 15, 2024

Key Takeaways

Gary Gensler reiterates his strict stance on crypto regulation despite threats of dismissal by President-elect Trump;
Gensler critiques crypto assets, citing a lack of sustainable use and risk to investors amid industry noncompliance;
Trump vows to oust Gensler if elected, possibly steering SEC’s crypto policy in a new direction.

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Facing Trump’s Axe, SEC Chair Gensler Holds Steady on Crypto Rules

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Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), is facing a possible departure from his role under incoming President Donald Trump.

Despite this looming threat, Gensler has reinforced his regulatory approach toward the crypto industry, signaling his commitment to the existing framework he believes safeguards investors and maintains market integrity.

During a speech on November 14 at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler outlined his priorities for digital assets. Under his leadership, he has aimed to enforce registration and transparency for thousands of digital tokens.

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Gensler emphasized that nearly 10,000 crypto tokens fall under SEC oversight due to their classification as securities, requiring firms to disclose relevant information publicly to protect investors and build transparency.

One of Gensler’s key points included the SEC's advancements in approving Bitcoin-based financial products, such as spot Bitcoin BTC $91,324.09 exchange-traded funds (ETFs) and Bitcoin futures investment vehicles.

Expressing concerns about the potential hazards within the crypto space, Gensler cited investor losses and the sector’s ties to speculative activities. In his view, the SEC's regulatory measures are essential to enforce lawful conduct within the digital asset sector and protect investors from harm.

With the SEC chair’s tenure officially set to end in June 2026, Trump has openly declared his intention to replace Gensler as soon as he takes office. Trump’s promises to overhaul the SEC’s approach to crypto regulation represent a pivot in the commission’s future trajectory.

In other news, Ross Ulbricht is hopeful as former President Trump hints at a possible commutation of his prison sentence. Will Ulbricht's wish come true? Read the full story.