Gary Gensler, current Chair of the SEC, 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 ousting.
Gensler remained defiantly critical of the crypto industry, calling it a field of “significant investor harm.”
Gensler’s Defiant Speech
In a recent public appearance, controversial SEC Chair Gary Gensler delivered what seemed like a “farewell speech.” Gensler began with the topic of “effective administration” and the history of securities laws in the US.
He then proceeded to defend his stubborn regulatory policies, which had become a critical pain point for the US crypto industry over the years.
“This is a field in which over the years there has been significant investor harm. Further, aside from speculative investing and possible use for illicit activities, the vast majority of crypto assets have yet to prove out sustainable use cases,” said Gensler.
The context for this speech is very clear, as the new president-elect, Donald Trump, vowed to remove Gensler as SEC Chair. As BeInCrypto recently reported, Trump’s transition team is already considering three pro-crypto candidates to replace Gensler in January.
Furthermore, Trump made a series of pledges to revolutionize crypto regulation in the US. These will target both federal regulators and the legislature. Even if Trump cannot fire Gensler outright, his vision for crypto enforcement is finished.
