Gary Gensler gave his farewell interview on CNBC, just days before stepping down as the Chairman of the U.S. Securities and Exchange Commission (SEC). As he prepares to leave the position, Gensler’s remarks provide insight into his views on cryptocurrency, the ongoing regulatory challenges, and his legacy in the financial sector.
In a conversation with host Andrew Ross Sorkin, Gensler was framed as a relentless defender of existing financial laws, even as the crypto industry continues to expand. Sorkin’s comment about the SEC’s recent $45 million settlement with Robinhood over violations set the stage for a discussion on how the SEC has grappled with a rapidly evolving industry. Gensler’s remarks reinforced his firm stance: cryptocurrencies, in his view, are largely unregistered securities.
Gary Gensler opens the Ripple case yet again. #BreakingNews #CryptoNews #NewsUpdate #Ripple #Trump #ElonMusk #XRPArmy pic.twitter.com/eSYGdkp1jH
— Rexla (@RexlaGlobal) January 17, 2025
When asked about the Trump administration’s upcoming second term, Gensler acknowledged that crypto donors had played a role in the campaign but maintained that the new administration’s approach to lawbreakers would not change. He hinted that Jay Clayton, his predecessor at the SEC, would continue a strict approach to regulating cryptocurrencies, despite any political shifts.
Throughout the interview, Gensler remained steadfast in his belief that most cryptocurrencies fall under the definition of securities. While Bitcoin was acknowledged as an exception, he cautioned that other cryptocurrencies present significant risks, including fraud and money laundering. In his eyes, the crypto market was driven more by sentiment than by solid fundamentals, and many crypto companies still failed to comply with securities laws.
Also Read: Gary Gensler Dodges Trump’s Bitcoin Reserve Plan Amidst $1 Billion Bitcoin ETF Boom
Despite his harsh stance, Gensler’s legacy is complicated. Once a tech-savvy advocate for blockchain technology, he became the most outspoken regulator against crypto. His tenure saw numerous legal battles with major players like Ripple, Binance, and Coinbase, but he never succeeded in curbing Bitcoin’s surge in popularity. As Gensler leaves the SEC, the crypto community is left wondering whether his departure will mark a shift in the regulatory landscape or if his rigid approach will continue to shape future policies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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