Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), continued to deliver strong criticism of the crypto industry in his farewell interview before leaving office on January 20.
Crypto Industry: “Lack of Foundation, Full of Emotions”
In an interview with #Bloomberg on Wednesday, Gensler described the crypto industry as “full of bad actors” and even hinted that the nature of blockchain technology could be illegal.
"This is an area built around non-compliance," he said, smiling.
Gensler emphasizes that, unlike other financial products based on a mix of fundamentals and emotions, crypto is an asset that almost entirely relies on sentiment and lacks a solid foundation.
Controversial legacy
During his four-year term, Gensler has led many tough campaigns against companies and projects related to crypto. Under his leadership, #SEC has taken about 100 enforcement actions in this field, surpassing the 80 cases during the tenure of his predecessor Jay Clayton.
However, Gensler's tough stance has faced strong criticism from the crypto community. When asked about this, Gensler seemed unconcerned, quoting Hillary Clinton:
"If you are not willing to be criticized, you should not step into the public arena to debate policy."
New prospects under Paul Atkins?
On January 20, when Gensler leaves office, Paul Atkins – who was appointed by President Donald Trump – will succeed him. Atkins, a former SEC commissioner, is expected to change the SEC's hostile stance toward crypto.
Gensler believes that the crypto industry still attracts only a small portion of the public, with less than 10% of the population participating in investments in this field. This makes him less concerned about the industry's influence.
Conclusion
Gensler's legacy at the SEC will be remembered for heated controversies and a tough campaign against the crypto industry. However, the leadership change at the SEC may open a new chapter for this field, as the crypto community hopes for a more balanced and open approach.
Will the crypto industry receive a fresh breeze under Paul Atkins? Let's wait for the changes ahead.