With the term of United States Securities and Exchange Commission (SEC) Chairman Gary Gensler coming to an end, it has become important to look at what remains from his term. Gensler’s leadership has been noted for aggressive enforcement against crypto firms and his controversial stance on classifying digital assets as securities.
SEC and Crypto Regulations
Although Gensler taught blockchain at MIT, he failed to meet the crypto industry’s positive regulatory expectations. Instead, he focused more on sanctions and skeptical rhetoric. The lawsuits and practices filed by the SEC against crypto companies caused the industry to take a harsh approach, contrary to its expectations.
Bitcoin Spot ETF Approval
In the last period of his term, Gensler announced that Bitcoin will be released in 2024. $95,447.5 approved spot exchange-traded funds (ETFs). It was stated that this approval was mostly due to court pressure. Although this step is seen as a promising development for the crypto industry, it was stated that Gensler did not take a voluntary regulatory approach on this issue.
Industry Reactions
Gensler described the crypto industry as the “wild west” and emphasized that the industry should register with the SEC. Ripple 
$2.3Leaders such as ‘s CEO Brad Garlinghouse argued that this approach was not feasible. Gensler’s statements were criticized by the crypto community and created a negative tone, contrary to industry expectations.
I have never seen a field where emotions dominate so much and the basics are not enough.
– Gary Gensler, former SEC Chairman
The decisions Gensler made and the statements he made during his time as SEC director sparked various discussions in the crypto community. In particular, its stance on classifying digital assets as securities was at odds with the industry’s regulatory expectations.
With Gensler’s departure from the SEC, his impact on the crypto industry and possible future regulations remain a matter of curiosity. Considering the dynamic structure of the sector, it will remain an important question which policies new managers will follow.
SEC’s recent strict controls on crypto and Gensler’s harsh rhetoric continue to create uncertainty in the industry. Crypto companies and investors began to reconsider their strategies in light of new regulations.
This intensification of the SEC’s crypto regulations can both support and hinder the industry’s progress. It seems that it will become clear over time whether the majority of crypto projects will survive.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
