Gensler Expressed Pride in His Tenure at SEC

Securities and Exchange Commission (SEC) Chair Gary Gensler recently expressed pride in his tenure during a speech, fueling speculation about his potential resignation before President-elect Donald Trump takes office in January.

Although Gensler has not formally announced his resignation, his use of the past tense regarding his role led some to interpret his remarks as a possible farewell.

He expressed at the 56th Annual Institute on Securities Regulation yesterday at the Practicing Law Institute in New York City:

“I've been proud to serve with my colleagues at the SEC who, day in and dayout, work to protect American families on the highways of finance.”

This follows Trump's earlier promise to "fire Gary Gensler on day one" at a Bitcoin conference in July.

The speculation has intensified due to growing criticism from the cryptocurrency community, which has voiced dissatisfaction with Gensler's leadership.

Fox Business reporter Eleanor Terrett also hinted that Gensler might resign soon after Thanksgiving.

Historically, SEC chairs have resigned following the election of a new president, as seen with the transitions during the Obama and Biden administrations.

Gensler's Never-ending Battle with Crypto

In his speech, Gensler reflected on his three-year tenure at the SEC, highlighting the agency's regulatory actions within the cryptocurrency industry.

He reiterated his longstanding view that many cryptocurrencies should be classified as securities rather than commodities due to their potential for harm.

Gensler specifically cited the SEC's ongoing legal battle with the crypto firm Ripple, where the firm allegedly failed to adhere to fundamental regulatory guidelines.

He said:

“This is a field in which over the years there has been significant investor harm. 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.”

Was this speech a prelude to Gensler's departure, or just one of those thank-you addresses?