U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his position on crypto regulations, supporting transparency and compliance.
On November 14, he defended his regulatory strategy and identified priorities for the Practicing Law Institute’s 56th Annual Institute on Securities Regulation.
With the incoming President-elect who will be sworn on this Friday, the future of the SEC’s crypto policies is questionable.
Gary Gensler Pushes for Crypto Firm Compliance Standards
Gensler said he intended to mandate that crypto firms register and report information, protecting investors.
He also identified about 10,000 tokens he classified as securities that should be subject to the same securities laws. To prevent the risks of crypto investments, Gensler is enforcing these standards.
Under Gensler’s watch, the SEC approved Bitcoin (BTC) exchange-traded funds and futures investment products as a milestone.
But he pointed out that many crypto firms have operated in violation of what he called ‘common sense rules’ of compliance.
He noted that many crypto assets remain speculative and have yet to prove they will have sustainable uses.
Crypto Advocates Rally Behind Trump’s Regulatory Promises
Donald Trump’s election victory has exacerbated speculation over whether the SEC’s leadership and approach to crypto regulation might change.
In many ways, there’s a consensus that the SEC has already moved generally to a softer view on crypto. Gensler’s term ends in June 2026, but Trump pledged to boot him as soon as he took office.
Experts have warned that Trump may struggle to remove Gensler without due cause as debates swirl over the SEC’s intended path.
Since Trump’s win, crypto advocates have mobilized to support his promises to cut regulatory oversight.
Among these are calls for protecting Bitcoin’s market from foreign influence, addressing central bank digital currency fears, and perhaps even looking again at crypto regulation and enforcement.
However, there are questions about how Trump will fulfill these promises without Senate approval for his appointees or through a recess appointment.
Chris Giancarlo Rules Out SEC Chair Role
Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo weighed in on recent speculation. He said he would not pursue the Gensler role or any position at the U.S. Treasury.
Other candidates uncertain the industry will wait for Trump to select his leadership for the SEC according X post Giancarlo’s announcement.
Robinhood’s Chief Legal Officer, Dan Gallagher, has emerged as a frontrunner for the role, but his potential appointment has received a mixed response.
Gallagher’s crypto advocacy raises some concern among crypto advocates, who worry he favors traditional banking interests over the crypto industry.
On social media, partner at Cinneamhain Ventures Adam Cochran questioned whether Gallagher represents everything crypto aims to achieve.
