Gary Gensler Defends SEC Crypto Policy in “Farewell Speech”Gary Gensler, the current SEC Chairman, gave a speech today fervently defending his strict regulatory policies against the crypto industry.
President-elect Donald Trump vowed to fire Gensler, who appeared to accept his dismissal.
Gensler remained critically defiant of the crypto industry, calling it an area of “significant harm to investors.”
SEC: Gary Gensler’s Defiant Speech
In a recent public appearance, controversial SEC Chairman Gary Gensler gave what seemed like a “farewell speech.” Gensler started with the topic of “effective administration” and the history of securities laws in the United States.
He then proceeded to defend his stubborn regulatory policies, which had become a critical pain point for the U.S. crypto industry over the years:
Read more: How to file cryptocurrency taxes in the United States (2024)? Complete Guide
“This is a field where there has been significant harm to investors over the years. Moreover, aside from speculative investment and potential use for illicit activities, the vast majority of crypto assets have yet to demonstrate sustainable use cases,” Gensler said.
The context of this speech is very clear, as the newly elected president, Donald Trump, has promised to remove Gensler as SEC chairman. As BeInCrypto recently reported, Trump’s transition team is already considering three pro-crypto candidates to replace Gensler in January.
Furthermore, Trump made a number of promises to revolutionize crypto regulation in the United States. These will target both federal regulators and the legislature. Even if Trump cannot fire Gensler directly, his vision for crypto enforcement is finished.
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