PANews reported on November 15 that according to Bitcoin Magazine, Gary Gensler issued a statement suggesting that he might leave the SEC. In the two paragraphs of Gensler's statement, Gensler wrote: "Before I close, I want to talk about the U.S. Securities and Exchange Commission (SEC) and its employees." "I am honored to work day after day with my colleagues at the SEC to protect American families on the financial highway."
After review, in this statement, Gary Gensler elaborated on how he believes the SEC should effectively regulate the crypto industry: "First, parties who issue or sell securities to the public need to register and make appropriate disclosures to the public; second, intermediaries need to register and be properly regulated in terms of conflicts, disclosures, and business practices." He said: "Before I joined the commission, many applications for Bitcoin ETFs and ETPs had been rejected or withdrawn by SEC staff. Shortly after I joined in 2021, the first Bitcoin futures ETF came into effect after consultation with SEC staff. The Commission approved ETPs for physical Bitcoin and Ethereum earlier this year. Subsequently, investors in these products have benefited from disclosure, supervision, lower fees, and more intense competition compared to non-compliant crypto asset markets. Everything we do is to ensure compliance with the law."
