Gary Gensler, the chair of the U.S. Securities and Exchange Commission, reiterated his call for cryptocurrency exchanges to register with the agency and highlighted the need for proper disclosures from those selling securities, as his tenure at the SEC may be nearing its conclusion. This comes amid Trump’s victory in the election and his threat to fire Gensler from the position.
Gensler Sticks to His Words Despite Trump’s Threat
SEC Chair Gary Gensler, who might soon be replaced by incoming President Donald Trump, has repeated his stance on cryptocurrency regulation and enforcement. In his speech at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler highlighted that during his tenure, his main goal for cryptocurrencies was to ensure companies register and provide proper public disclosures for about 10,000 tokens that are considered securities.
Also read: XRP News: Trump’s Win in 2016 Led to SEC Chair’s Resignation, Will Gary Gensler Follow?
He highlighted the SEC’s success in approving Bitcoin exchange-traded funds and Bitcoin futures investment options. However, he noted that some cryptocurrency companies have not adhered to basic regulatory guidelines.
Gensler said, “Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion. That’s less than 20 percent of the whole crypto market and less than one quarter of one percent of the worldwide capital markets.”
Even though SEC Chair Gary Gensler’s term doesn’t end until June 2026, Donald Trump assures that he plans to fire Gensler immediately if he wins the election, signaling a massive change in the commission’s approach to crypto enforcement.
However, experts believe that the president-elect wouldn’t be able to dismiss Gensler without a valid reason, and Gensler has not indicated any intention to resign.
What’s the Future of Crypto in the USA?
Sources indicate that Gensler might resign, as previous chairs have done. However, he could also choose to remain at the SEC as a commissioner.
Since Trump was reelected on November 5, many in the cryptocurrency community have been pressing him to keep his campaign promises related to the sector. These include commitments to localize Bitcoin operations in the U.S., pardon Ross Ulbricht, the founder of Silk Road, and stop the development of any government-backed digital currency.
There’s uncertainty around whether Trump can legally remove Gensler from his position at the SEC. Even if he can, appointing a successor would typically require the approval of the Senate. However, Trump has suggested he might circumvent this process by using recess appointments to fill positions in his administration. No potential replacements for Gensler have been announced yet.
Gensler said, “This is a field in which over the years there has been significant investor harm. Further, aside from speculative investing and possible use for illicit activities, the vast majority of crypto assets have yet to prove out sustainable use cases.”
Reuters has mentioned Dan Gallagher as a potential successor to Gensler. Previously an SEC commissioner, Gallagher now holds a key position at Robinhood Markets.
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