Gary Gensler's Last Message Before Being Removed From SEC Chair

The current chairman of the US Securities and Exchange Commission (SEC), Gary Gensler. (Photo; Doc. Monewreckers)

JAKARTA - Gary Gensler, Chair of the current Securities and Exchange Commission (SEC), is getting closer to his term of office. Gensler has the potential to be removed by Donald Trump as promised at the 2024 Bitcoin Conference in Tennessee, USA. This time Gensler delivered his message before leaving his position.

Gensler called for the importance of strict regulations to protect crypto investors. This was stated in the Annual Securities Regulation Conference in New York on Thursday, November 14. SEC chair stressed that although Bitcoin is not categorized as a securities, the SEC has a responsibility to ensure that other crypto investment products comply with applicable legal rules. This includes transparency for investors and protection through intermediate surveillance, such as brokers and exchanges, in order to create a safe and clear market for all perpetrators.

During the conference, Gensler again highlighted the importance of implementing main rules' in crypto sales, especially related to consumer protection from potential market manipulation. He mentioned that the SEC's efforts to protect investors so far have been recognized by many courts who reject the argument that the SEC has no authority to regulate securities investment products, including crypto-shaped ones.

"The trial after the court has approved our actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are offered, whatever it takes," Gensler said.

This statement refers to a series of legal victories that the SEC managed to obtain regarding the regulation of crypto investment products. He hinted that the SEC would continue to strengthen its regulations in order to provide better protection to investors.

The SEC's decisive move gained international attention as it reflected a more cautious policy direction towards digital assets amid market uncertainty. While Bitcoin is considered not included in the securities category, other crypto-based investment products are considered to have high risk, requiring close supervision.

Gensler's decision to highlight transparency and legal compliance is not only meant to protect domestic investors but also to be an important reference for other countries in developing crypto regulation.