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(Bloomberg) — Gary Gensler, the outgoing chair of the Securities and Exchange Commission, believes there’s more still to be done in regulating altcoins and intermediaries in the digital assets market.
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Everyday investors still don’t receive adequate disclosures or information from digital asset firms, Gensler said Wednesday during an interview on Bloomberg Television.
The former Goldman Sachs executive’s tenure as a top Wall Street cop has been marked by vigorous enforcement efforts against many cryptocurrency players, from outright fraudsters to companies like Coinbase Global Inc. and proprietary trading firm DRW Holdings.
Gensler announced in November his plans to step down as chairman of the agency on Jan. 20, when President-elect Donald Trump is set to be sworn into office. Trump has nominated Paul Atkins, a former SEC commissioner, to lead the agency. He is expected to significantly pare down enforcement actions against digital asset companies and take a favorable view of the digital asset industry.
Gensler noted that his predecessor, Jay Clayton, who led the agency during the first Trump administration, brought about 80 crypto-related enforcement cases, while the agency brought about 100 during his tenure. But while the SEC under Clayton cracked down on companies that were issuing tokens the agency deemed to be securities, Gensler’s focus has often been on market intermediaries flouting compliance with securities laws for registration and disclosure.
The SEC has notched several court wins, as well as losses, on its position that companies are eschewing registration and disclosure requirements under Gensler’s leadership.
“I’ve never seen a field that’s so much wrapped up in sentiment and not so much about fundamentals,” Gensler said, adding he believes many of these crypto projects will not survive.
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