Gensler's enforcement-driven legacy focused on targeting crypto exchanges as central players in what he deemed a noncompliant market.

Following the collapse of FTX and other major crypto firms in 2022, the SEC ramped up its legal campaign, accusing exchanges of selling unregistered securities and violating investor protection laws.

While Gensler argued that these actions were necessary to safeguard investors, critics contend that his approach was inefficient and created legal inconsistencies.