Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), delivered a detailed address on Nov. 14 at the PLI Annual Institute on Securities Regulation. His remarks highlighted the SEC’s approach to crypto regulation while repeatedly identifying the difference the SEC sees between altcoins and Bitcoin.
The language used by Gensler also hinted at the possibility of stepping down following Donald Trump’s election and the President-elect’s explicit criticism of Gensler’s tenure. He ended his speech with what may be perceived as a farewell message,
“The SEC and its staff. It’s a remarkable agency… It’s been a great honor to serve with them, doing the people’s work…
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.”
In what could be one of his last statements as SEC chair, Gensler took the time to reaffirm Bitcoin’s classification as a non-security asset, distinguishing it from the vast majority of the crypto market. Gensler said,
“Not every asset is a security. Former Chairman Clayton and I have both said that bitcoin is not a security, and the Commission has never treated bitcoin as a security.
Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities”
This stance contrasts with the agency’s enforcement actions against other digital assets, which have collectively represented 5–7% of the SEC’s regulatory focus since 2018.
The speech highlighted the SEC’s rationale for targeting specific altcoins. Gensler emphasized that compliance with securities laws ensures market trust and investor protection. “History has shown for 90 years that robust securities regulation creates trust in markets and fosters innovation,” he said. However, he acknowledged that many digital assets (besides Bitcoin) still lack sustainable use cases, highlighting speculative investment and illicit activities as key concerns.
A critical point in Gensler’s remarks was his focus on highlighting his approval of exchange-traded products (ETPs) for Bitcoin futures, spot Bitcoin, and Ethereum. Gensler spotlighted how these approvals mark a departure from earlier SEC chairs that limited access to physically backed crypto ETFs.
According to Gensler, by approving the spot Bitcoin and Ethereum ETFs, the SEC helped to offer benefits like disclosure, lower fees, and…
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