U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler recently spoke at the Bloomberg Investment Summit. He touched on the growing intersection of cryptocurrencies and politics, as if emphasizing his role as a securities regulator.
Gensler stated that there is no inconsistency between crypto securities and securities laws, however, they know that these laws are still violated.
The conversation took an interesting turn when the topic of upcoming elections came up. Cryptocurrencies have become a hot topic in the political landscape, with reports suggesting that former President Trump will speak at a major Bitcoin conference and pledge to end what Joe Biden calls his war on crypto.
Businessman Mark Cuban even suggested that Gensler's stance on crypto could potentially cost Biden the election. But Gensler declined to comment on these political speculations, reiterating his role as a securities regulator.
“I'm just really looking at my role as a securities regulator, as the head of this massive 5,000-person institution,” Gensler said. “We're here to keep an eye on investors, keep an eye on issuers and be on the lookout where appropriate.”
Despite the political activity around crypto, Gensler remains focused on its regulatory role, protecting investors, ensuring fair access to markets, and maintaining orderly and efficient markets.
As the election approaches, Gensler, whose term extends beyond November 5, was asked whether he felt pressure to achieve certain goals before the election. Gensler responded by expressing his gratitude for his role and the privilege of serving the American people:
“This is about going after insider trading. It's about making sure accurate disclosures are made. “This is about practice.”
Gensler concluded his remarks by emphasizing that his work is not against time, but aims to promote and develop markets on behalf of the American people. Gensler has expressed willingness to serve his full term, which runs through 2026, and has also acknowledged the possibility of leaving earlier as part of democracy.
*This is not investment advice.