United States Securities and Exchange Commission (SEC) Chair Gary Gensler, potentially weeks away from being removed by President-elect Donald Trump, has reiterated his stance on crypto policy and enforcement.
In prepared remarks for a November 14 speech at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler emphasized the importance of registration and public disclosure for roughly 10,000 tokens considered securities under the SEC’s jurisdiction. His tenure at the commission, he said, was marked by a focus on ensuring that digital assets complied with regulatory requirements meant to protect investors.
Gensler pointed to the SEC’s approval of spot Bitcoin exchange-traded funds (ETFs) and Bitcoin futures investment vehicles as evidence of regulatory progress, but also suggested that some crypto firms had failed to follow “common-sense rules of the road.” “This is a field in which over the years there has been significant investor harm,” said Gensler. “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. Everything we’ve done is focused on ensuring compliance with our laws.”
Though Gensler’s term as SEC chair runs until June 2026, Trump has promised crypto users that he would remove Gensler “on day one” of his presidency, hinting at a potentially new direction for the SEC’s approach to crypto enforcement. However, legal experts have suggested that Gensler cannot be removed without cause, and Gensler himself has not indicated any plans to resign.
Since Trump’s re-election victory on November 5, many in the crypto community have been urging him to fulfill his campaign promises to the industry. These include ensuring all Bitcoin is “made in the USA,” commuting the sentence of Silk Road founder Ross Ulbricht, and halting the development of a central bank digital currency (CBDC).
It remains uncertain whether Trump has the authority to unilaterally remove Gensler from the SEC. Any replacement would require Senate approval, though Trump has suggested he may attempt to bypass the chamber by making recess appointments for his cabinet and staff. At the time of publication, Trump had not announced any potential replacement for Gensler.