Proud of achievements before leaving office, thanking the democratic system for tolerating conflict.
The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will step down on January 20. However, in a recent interview with Bloomberg, he made surprising remarks, once again showing his tough stance on the cryptocurrency industry.
Gensler stated that he leads the SEC in regulating a capital market worth up to $120 trillion, during which he faced criticism from high-profile figures like President Trump and Elon Musk. However, he responded to the public with a quote from former Secretary of State Hillary Clinton:
'If you don't want to be attacked, don't step into public industry policy debates.'
Gensler also admitted that, as a financial gatekeeper crucial to 330 million Americans, controversy and criticism are an inevitable process in a democratic society. He also revealed that he 'feels great' and is proud of his efforts in market efficiency and investor protection during his tenure, such as promoting the reduction of stock settlement time from 2 days to 1 day, requiring companies to report data breaches immediately, etc. However, his 'I feel great' remarks have been criticized as overly arrogant by some in the cryptocurrency community.
Read more
Major changes in U.S. stocks! Wall Street changes settlement time to 'T+1', what impact does it have on cryptocurrencies?
High-profile criticism of the chaotic cryptocurrency market emphasizes that 'everything is extraordinarily speculative'.
In this interview, Gensler still pointed the finger at the cryptocurrency industry, believing that the entire industry is 'filled with bad actors', especially the 10,000 to 15,000 tokens outside of Bitcoin, most of which lack a solid foundation and merely rely on 'market sentiment' to sustain themselves.
He reflected on his nearly four-year tenure at the SEC, where strict enforcement actions against the cryptocurrency industry led to about 100 lawsuits, higher than the 80 brought by former chairman Jay Clayton. He also named figures from the digital asset industry like SBF, Do Kwon, and Zhao Changpeng (CZ), emphasizing that the SEC will not be lenient in combating illegal activities, and if there is solid evidence that poses a threat to investor safety, there will be consequences.
Gensler also mentioned that he initially held a more open attitude towards blockchain technology while in academia, but after entering the regulatory industry, he witnessed the reality that many operators 'generally do not follow the rules' and could only be restrained through legal means.
The cryptocurrency community criticizes the arrogance as a new situation opens up, which may lead to changes in regulatory patterns.
Gensler's tough style and remarks have once again heightened the backlash from the cryptocurrency community. Coinbase's Chief Legal Officer Paul Grewal bluntly stated that Gensler's 'arrogant attitude' has alienated a large number of voters, claiming he has stirred up discontent among many investors in swing states. Lawyer Bill Morgan, who advocates for cryptocurrency-friendly policies, even countered that there are 'plenty of bad actors' within the SEC.
The two sides continue to grapple, according to statistics released by the SEC itself, the SEC under Gensler's leadership issued legal challenges to several cryptocurrency companies, collecting $8.2 billion in fines last year alone. Nevertheless, Gensler publicly claimed to still be 'clear conscience', stating that he only adheres to the original intention of protecting investors.
As Trump won the presidential election, Gensler is expected to step down on January 20 and will be succeeded by another former regulator viewed as 'industry-friendly'. Observers speculate that this may mean the relationship between the SEC and the cryptocurrency world will enter a new phase, and whether future regulatory policies will shift towards being more lenient or flexible remains to be seen. However, Gensler's 'strong stance' and his high-profile declaration before leaving that 'it feels great' may continue to ferment in the turmoil of U.S. financial policies and the cryptocurrency market.
Read more
Trump officially nominates SEC chairman! Who is Paul Atkins? Is cryptocurrency regulation expected to loosen?
SEC announces inspection focus for 2025! What challenges will the cryptocurrency industry face in response to regulatory scrutiny?
'SEC Chairman says stepping down is 'great'! Ignoring Trump's criticism, the cryptocurrency community blasts: 'so arrogant'' This article was first published on 'Crypto City'.