SEC Chair Gary Gensler Urges Crypto Registration Amid Potential Departure
In a recent address at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, SEC Chair Gary Gensler emphasized the need for crypto exchanges to register and for securities sellers to disclose accurate information. This latest call comes as speculation grows that Gensler may soon leave his role, particularly following President-elect Donald Trump's recent victory, as Trump has expressed intentions to replace him.
In his speech, Gensler highlighted that a significant number of the 10,000 digital assets currently in circulation qualify as securities. He noted that, with the exception of Bitcoin, Ether, and stablecoins, the total value of the rest of the market is around $600 billion, a figure that represents less than 20% of the overall crypto market and a mere fraction of global capital markets.
Reflecting on his tenure at the SEC, Gensler expressed pride in the work done to protect investors and maintain strong capital markets. "It’s been a great honor to serve with them, doing the people’s work," Gensler remarked, acknowledging the dedication of his SEC colleagues to safeguarding American families’ interests in finance.
While Gensler could remain with the SEC as a commissioner if he steps down as chair, his legacy may be defined by his efforts to integrate regulatory oversight into the fast-evolving crypto sector. His consistent push for greater transparency and accountability in crypto could leave a lasting impact as the industry grapples with increased scrutiny and potential regulatory shifts under the incoming administration.