Gary Gensler is going, but the lawsuits against crypto firms may continue — until Congress defines how securities laws apply to digital assets.
United States Security and Exchange (SEC) Chair Gary Gensler didn’t invent “regulation by enforcement,” though many in the crypto sector may say he did.
Still, his aggressive regulatory approach, characterized by myriad lawsuits against cryptocurrency and blockchain firms — while at the same time providing little actionable guidance, like no-action letters — will mark his legacy as SEC chair.
As reported, Gensler will be stepping down from the SEC on Jan. 20, when the new presidential administration takes charge in Washington, DC. For many in the crypto sector, this day couldn’t come soon enough.
