Gary Gensler stated he has no regrets about his approach to crypto enforcement during his four years at the US Securities and Exchange Commission (SEC) in one of his few public appearances since departing the agency in January.
In a Wednesday interview, Sara Eisen of CNBC asked the former chair of the SEC to comment on the agency’s “reversal of a lot of what [he] did” with relation to crypto rules under Paul Atkins, stating that many investors were “ecstatic” that he was no longer in charge of the commission.
Gensler stated that he was “proud” of his tenure at the SEC, that he had made the correct choices in regulating digital assets, and that cryptocurrencies were a “very risky, highly speculative asset.”
As chair of the SEC, Gensler stated, “We were constantly trying to ensure for investor protection” with reference to enforcement proceedings against cryptocurrency businesses. “And we had many scammers in the middle of it: Take a look at Sam Bankman-Fried, and he wasn’t alone.”
On January 20, the day that Donald Trump became president of the United States, Gensler left the SEC. Trump has issued a warning to terminate Gensler “on day one” if elected in 2024. Gensler left the office and went back to teaching at the MIT Sloan School of Management.
The previous SEC head was chastised by many in the crypto sector for regulating digital assets through enforcement, which led to litigation against a number of well-known businesses. Some of these lawsuits were dismissed in 2025 at the request of the SEC under Trump.
Trump urged that the SEC remove its requirements for quarterly reports
While Gensler was SEC chair from 2021 to 2025, the agency’s policy altered dramatically under Trump, amid a crypto market slump, major fraud through cryptocurrency exchange FTX, and several firms declaring bankruptcy.
Along with the dismissal of numerous investigations and lawsuits against cryptocurrency companies by acting SEC Chair Mark Uyeda prior to Atkins’ Senate confirmation, the agency’s leadership has also declared that “very few tokens are securities” and instituted simplified listing requirements for cryptocurrency exchange-traded fund approvals.
In what may be one of the major policy changes to impact investors, Trump stated on Monday that the SEC should stop requiring quarterly reporting from US corporations and switch to a twice-yearly format.
Atkins stated on Friday that after a proposed rule change, the SEC will “consider that and move forward.”
“The market can determine the appropriate cadence for the benefit of shareholders and publicly traded companies,” Atkins added.
On Wednesday, Gensler stated, “I think the buy side, the investor base, have to speak up if they want to keep this.” In my opinion, markets benefit from transparency. Market volatility will increase if we go from reporting four times a year to twice a year.
