SEC Chair Gensler Urges Crypto Exchange Registration

U.S. Securities and Exchange Commission Chair Gary Gensler has reiterated the necessity for crypto exchanges to register and for those selling securities to disclose properly.

In prepared remarks on Thursday at the Practicing Law Institute's 56th Annual Institute on Securities Regulation, Gensler indicated that many of the 10,000 digital assets available today are classified as securities.

"Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion," Gensler stated. "That’s less than 20 percent of the whole crypto market and less than one quarter of one percent of the worldwide capital markets."

These comments come in the wake of President-elect Donald Trump winning the U.S. presidential election. Trump has indicated he intends to replace Gensler. Reports suggest Gensler may step down, as previous chairs have done. However, he may choose to remain at the SEC as a commissioner.

In closing remarks about his tenure at the SEC, Gensler expressed gratitude for the opportunity to serve, stating, "It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world."

He also emphasized, "I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance."