Gary Gensler, the outgoing chair of the U.S. Securities and Exchange Commission (SEC), believes the crypto industry still requires stronger oversight. In a Bloomberg Television interview on Wednesday, Gensler stressed that everyday investors lack sufficient disclosures from digital asset firms.
During his tenure, Gensler spearheaded aggressive enforcement actions against crypto players, including Coinbase Global Inc. and trading firm DRW Holdings. He also targeted market intermediaries that failed to comply with securities laws, particularly around registration and disclosure requirements.
According to Bloomberg, Gensler, a former Goldman Sachs executive, will step down on January 20, coinciding with Donald Trump’s return to the presidency. Trump’s nominee for SEC chair, Paul Atkins, is expected to adopt a more lenient stance toward the digital asset industry.
Reflecting on enforcement under his leadership, Gensler noted the SEC pursued approximately 100 crypto-related cases, surpassing the 80 initiated during Jay Clayton’s chairmanship. However, while Clayton focused on token issuers, Gensler prioritized intermediaries.
Despite some legal victories, the SEC has faced setbacks in enforcing its stance that many crypto projects violate securities laws. Gensler remains skeptical about the sector’s longevity, stating, “I’ve never seen a field so driven by sentiment rather than fundamentals.”
As the SEC prepares for new leadership, the crypto industry faces an uncertain future. Gensler’s legacy underscores the ongoing debate over regulation in a rapidly evolving digital economy.
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