SEC Chairman Gary Gensler, whom Donald Trump promised to fire the day he took office, has spoken.
According to The Block, Gensler argued in a prepared speech at the Practicing Law Institute’s 56th Annual Securities Regulation Conference today that the majority of cryptocurrencies are securities.
In line with his previous statements, Gensler called for registration on cryptocurrency exchanges.
Gensler also noted that his time managing the SEC may be coming to an end, and said those selling securities should disclose that.
“I believe that most of the 10,000 digital assets currently in circulation are securities.
“And excluding Bitcoin, Ethereum, and stablecoins, the rest of this market is around $600 billion. That’s less than 20 percent of the entire crypto market and less than a quarter of one percent of the global equity markets.”
“It Was an Honor to Work at the SEC!”
While it is eagerly awaited whether Gensler will resign following Trump’s statements, sources say it is likely that Gensler will resign as other presidents have done in the past.
While Gensler’s resignation and remaining as a commissioner at the SEC are among the possible scenarios, he also made a statement today about the work at the SEC.
“It has been a great honor to serve alongside them, doing the people’s work and ensuring that our capital markets continue to be the best in the world.
I am proud to serve alongside my colleagues at the SEC who work every day to protect American families across their finances.”
*This is not investment advice.
