In his final days as SEC Chair, Gary Gensler defended his legacy, emphasizing the agency's focus on regulating the $60 trillion U.S. equity market and addressing systemic issues in capital markets.
During an interview with CNBC, Gensler dismissed criticisms that his tenure obstructed the growth of new technologies like crypto, stating that the SEC’s primary responsibility is investor protection.
"Within the first few months on the job, we launched Bitcoin futures-based ETFs and implemented key reforms for capital markets," Gensler said, responding to claims that the SEC had hampered innovation in the crypto space.
He highlighted the SEC's broader mission, pointing to achievements in shortening settlement cycles and strengthening corporate governance rules.
Under Gensler's leadership, the SEC pursued a strict approach toward the crypto industry, with enforcement actions against non-compliant projects.
"This field, with over 10,000 tokens, operates with significant non-compliance. The investing public deserves proper disclosure to protect against fraud and manipulation," he said.
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Addressing criticisms about the agency's reliance on litigation, Gensler stated, "Congress sets the laws, and we enforce them. If the fundamentals exist, projects must comply with securities laws—that's the basic bargain."
He reiterated that crypto markets, often driven by sentiment, lack the fundamentals seen in traditional financial markets.
Reflecting on his tenure, Gensler stressed that the SEC’s accomplishments extended far beyond crypto.
"We focused on reforms in the $60 trillion equity markets and the $28 trillion Treasury market, building greater resilience and efficiency," he said.
He also noted reforms to corporate governance, such as requiring insiders to wait 90 days before selling stocks after filing trading plans.
While Gensler acknowledged challenges, including shifts in court dynamics, he expressed pride in the SEC's reforms during his four-year tenure.
"We addressed three-quarters of our capital markets, ensuring stronger governance and smoother operations," he said.
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