US Securities and Exchange Commission (SEC) Chair Gary Gensler’s term is set to end on January 20, stepping down amid the incoming Trump administration’s transition into the White House. President-elect Donald Trump has selected former SEC Commissioner Paul Atkins as his nominee to lead the regulatory agency.
SEC Chair Gensler sits down with Yahoo Finance senior reporter Jennifer Schonberger to talk about his legacy and chief accomplishments at the helm of the agency, from capital market regulations and the SEC’s own cryptocurrency frameworks. When asked about the crypto community’s role in propelling Trump to a 2024 election victory, Gensler notes:
"I think voters are smart enough to know and they were voting on other things, other pocketbook issues, whether that’s around inflation or other issues, economic issues. I haven’t seen any indication that crypto is what drove people one way or the other [to the polls]."
Spot bitcoin (BTC-USD) ETFs drew in over $36 billion of investor inflows in 2024 after the funds gained approval early last year. Gensler notes the SEC has never identified crypto assets like bitcoin and ethereum (ETH-USD) as securities, leading him to ponder: "You need fundamentals, ultimately. Momentum can only carry you so far. And so I think for any investor listening, you really want to think through, these are not only highly speculative, but on thousands and thousands of projects, you have to question what is their true use case? What is their value proposition?"
Gensler goes to weigh in on Coinbase’s (COIN) own push for crypto regulation, the Federal Reserve’s position in investing in a strategic bitcoin reserve, the future of artificial intelligence guardrails, and the sturdiness of the US Treasuries market (^TYX, ^TNX, ^FVX) in another financial crisis.
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