(Bloomberg) — Gary Gensler, the outgoing chairman of the Securities and Exchange Commission, believes there is still more to be done to regulate altcoins and intermediaries in the digital asset market.
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Everyday investors are still not receiving adequate disclosures or information from digital asset companies, Gensler said Wednesday during an interview on Bloomberg Television.
The former Goldman Sachs executive's tenure as Wall Street's top cop has been marked by vigorous enforcement efforts against many cryptocurrency players, from outright fraudsters to companies like Coinbase Global Inc and proprietary trading firm DRW Holdings.
Gensler announced in November his plans to step down as chairman of the agency on January 20, when President-elect Donald Trump is sworn into office. Trump has nominated Paul Atkins, a former SEC commissioner, to lead the agency. It is expected to significantly reduce enforcement actions against digital asset companies and take a favorable view of the digital asset industry.
Gensler noted that his predecessor, Jay Clayton, who led the agency during the first Trump administration, brought about 80 crypto-related enforcement cases, while the agency brought about 100 during his tenure. But while the SEC under Clayton cracked down on companies that issued tokens the agency considered securities, Gensler has often focused on market intermediaries disregarding compliance with securities laws for registration and disclosure.
The SEC has won several court cases, as well as losses, on its position that companies are avoiding registration and disclosure requirements under Gensler's leadership.
“I've never seen a field so wrapped up in sentiment and not so much about fundamentals,” Gensler said, adding that he believes many of these crypto projects will not survive.
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