BCGAME - Free 5BTC Daily Bonus!- Gensler defends SEC's tough stance on cryptocurrencies.
- SEC has opened 100 crypto-related cases under its management.
- Expectations of pro-crypto approach with new Trump administration.
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated his critical stance toward the cryptocurrency market during an interview with Bloomberg TV on Wednesday. Less than two Weeks before leaving office, Gensler highlighted the regulatory challenges facing the industry, which he says is “riddled with bad actors.”
Gensler took the opportunity to draw comparisons with his predecessor, Jay Clayton, who led the SEC from 2017 to 2020 during the Trump administration. He said the agency’s current work builds on the actions of previous administrations. “This is a field that was built around noncompliance, and I’m proud of what we’ve done, building on what Chairman Clayton and others have done before us,” Gensler said.
Since taking over as SEC leader, Gensler has argued that most cryptocurrencies should be treated as securities and therefore subject to SEC regulation. This stance has generated friction with companies in the sector, which argue that the current rules were not designed for digital assets. Gensler, on the other hand, has insisted on the importance of registration and compliance.
The cryptocurrency market has been at the center of some of the SEC’s biggest lawsuits in recent years, including cases against major players like Ripple and Binance. During the interview, Gensler also noted that the agency has brought about 100 enforcement actions related to the crypto sector in the past four years, a number consistent with Clayton’s legacy, who brought 80 actions during his tenure.
When discussing the specifics of the crypto market, Gensler divided the sector into two broad blocks: Bitcoin and “everything else.” He noted that unlike other markets, the cryptocurrency sector appears to rely much more on sentiment than solid economic fundamentals. “I’ve never seen a field so wrapped up in sentiment and so little fundamentals,” he noted.
With Gensler's departure on January 20, there is anticipation about possible changes in the SEC's regulatory approach, especially with the appointment of new leaders by the Trump administration, which has demonstrated a more favorable stance towards the cryptocurrency sector.
