Important takeaways
- Gary Gensler is leaving his position as SEC chairman after completing 100 crypto-related enforcement actions.
- Paul Atkins is nominated to succeed Gensler and may adopt a more lenient approach to crypto regulations.
Gary Gensler defended the SEC’s crypto enforcement record as he prepares to leave his position as chairman on January 20 in an interview with Bloomberg TV.
The agency brought 100 crypto-related enforcement actions during his tenure, following the 80 cases initiated by former chairman Jay Clayton during the initial coin offering boom of 2017-2018.
Gensler described the crypto sector as “rich with bad actors” and primarily driven by sentiment rather than fundamentals.
He maintained his position that most crypto assets qualify as securities and emphasized that market intermediaries must comply with securities laws.
President-elect Donald Trump has nominated former SEC Commissioner Paul Atkins to succeed Gensler.
Atkins, known for its pro-crypto stance, is expected to take a softer stance on digital assets and potentially reduce enforcement actions against the industry.
The SEC under Gensler secured both victories and setbacks in court, including cases against major platforms such as Coinbase and Ripple.
Gensler acknowledged that “there is still work to be done” to protect retail investors and enforce compliance.
He warned that many crypto projects may not survive and emphasized the need for increased transparency and basic market structures.
