The United States Securities and Exchange Commission (SEC) chairman, Gary Gensler, presented a speech today at a legal conference in New York. The oral presentation, which initially seemed like an 11th-hour conviction speech urging the SEC to maintain its crypto stance, ended like a farewell resignation speech.
Notably, most of the crypto community has portrayed Gensler as hostile in his approach to crypto regulation. This has earned him enemies in the Republican Party, including President-elect Donald Trump, who pledged during his campaign to “fire Gary Gensler.”
Gensler Hints Resignation at Speech Conclusion
Gensler’s speech shifted from a convincing tone to a rather farewell speech during the concluding part. He expressed his admiration for the SEC and its staff, describing the agency as “remarkable” and its team as “deeply mission-driven.” According to Gensler, these could earn higher salaries elsewhere but choose to work at the SEC to serve the public interest.
The SEC chairman’s final statement hints that he is resigning from the SEC. He said:
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world…I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
Meanwhile, at the likely hint of resignation by the SEC chair, XRP has witnessed an 11% increase, reflecting the community’s interest in the ongoing lawsuit between Ripple Labs and the SEC. A no-Gensler chairman is like a win for the Ripple community.
Gensler Explains Reasons for Crypto Stance
Believing that the new administration may adopt a more lenient approach, Gensler’s speech began as an effort to push for stricter regulations on crypto markets before the incoming Trump administration takes over. Gensler emphasized the importance of “rules of the road” to ensure proper disclosure and protect investors, citing the lessons learned from the Great Depression.
The Great Depression was a severe global economic downturn that lasted from 1929 to 1939, causing widespread devastation. It began in the United States with the Wall Street stock market crash, also known as “Black Tuesday,” and quickly spread to other countries. The global economy shrank by 15% between 1929 and 1939, with some countries experiencing declines of up to 30%.
In what seems like a move to find a balance in his speech, Gensler reminded his audience that Bitcoin, Ether, and stablecoins are not security. He further highlighted the SEC’s successful legal battles against crypto-related investment products. He believes the industry is plagued by noncompliance and should adhere to decades-old “rules of the road.”
