Outgoing SEC Chairman Gary Gensler drew attention to the inconsistencies in the crypto sector and said he was proud of the work that had been done and that there was still important work to be done.
In an interview with Bloomberg TV shortly before his term ends, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he is proud of the institution’s work in the cryptocurrency space and that there is still work to be done.
Gensler reiterated that the cryptocurrency industry is filled with many “bad actors,” citing the work of former SEC Chairman Jay Clayton.
When asked about the SEC’s high-profile cases in the crypto sector, Gensler emphasized that the agency is taking an approach that builds on the foundations of previous chairmen.
This is an area built on nonconformity, and we have accomplished significant work, building on what Chairman Clayton and others have done before.
SEC’s cryptocurrency sanctions
Gensler said that during his tenure, the SEC has taken approximately 100 enforcement actions in the crypto space, which equates to 5% of the SEC’s total enforcement actions.
Gensler has had a tense relationship with the crypto industry during his tenure, arguing that most crypto assets qualify as securities and that crypto firms should register with the SEC.
Former SEC Chairman Jay Clayton led the agency from 2017 to 2020, handling important cases such as Kik and Ripple during the ICO boom of 2017 and 2018. Clayton was later appointed as the Attorney General for the Southern District of New York.
Gensler said that he divided the crypto markets into “Bitcoin and everything else,” and that the markets mostly move based on fundamental factors and emotion.
I have been involved in financial markets for over four decades, but I have never seen an area that is so emotional and devoid of fundamentals. The majority of tens of thousands of projects in this sector will be destroyed by this emotional and illogical atmosphere.
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