Gary Gensler Defends His Crypto Regulatory Approach Amid Rumors of His Potential Replacement

As discussions intensify over President Donald Trump's potential plans to replace SEC Chair Gary Gensler upon assuming office, Gensler remains steadfast in defending his regulatory approach to cryptocurrencies.

Gary Gensler, chair of the Securities and Exchange Commission (SEC), has defended his regulatory approach to cryptocurrencies, arguing that it aligns closely with the policies of his predecessor, Jay Clayton.

Gensler made the remarks during the Practising Law Institute’s Annual Institute on Securities Regulation, held in New York on 14 November. He noted that the SEC has brought approximately 80 crypto-related enforcement actions during Clayton's tenure, from May 2017 to December 2020, and the agency has maintained this level of activity under his leadership.

However, critics argue that Gensler's approach appears significantly more aggressive. For instance, Rep. Tom Emmer said during Gensler's recent testimony that we "could not have had a more historically destructive or lawless chairman of the SEC."

Under Gensler's leadership, the SEC has targeted major crypto firms like Coinbase and Binance, accusing them of operating unregistered exchanges, an intensity that was less evident during Clayton's tenure.

For context, former President Donald Trump, set for a potential return to office, previously vowed to fire SEC Chair Gary Gensler. Such transitions often see a change in the chair of the SEC, especially when the ruling party changes. While Gensler has not explicitly addressed his plans, his recent remarks carried a reflective, almost farewell-like tone.

Gensler also spoke at a legal conference on the same day in New York, where he highlighted the SEC's efforts to establish clear "rules of the road" for cryptocurrency sales and intermediaries, such as brokers and exchanges, as reported by Bloomberg.

There, Gensler reiterated the stance that Bitcoin is not classified as a security, which aligns with the position held by his predecessor, Jay Clayton, during the initial Trump administration, and put it best when he said,

"I am proud to follow on and continue on Chair Clayton's leadership. And I say this because we didn’t actually differ much.”

The above is the detailed content of Gary Gensler Defends His Crypto Regulatory Approach Amid Rumors of His Potential Replacement. For more information, please follow other related articles on the PHP Chinese website!