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Bitcoin (BTC-USD) and other cryptocurrencies surged on President-elect Donald Trump's win, as Trump's second administration is expected to be more crypto-friendly.
US Securities and Exchange Commission (SEC) Chair Gary Gensler is set to step down on January 20, Trump's Inauguration Day, bringing an end to his tenure, which many have found to be anti-crypto. Gensler sits down with Yahoo Finance Federal Reserve Reporter Jennifer Schonberger to look back at his time in the SEC and discuss his crypto stance.
"Investors are ... in essence, betting on a project," Gensler says about crypto investing. "[Investors] need the proper disclosure — the law says you're supposed to get that disclosure — and [crypto is] not currently compliant."
"For any investor listening, you really want to think through [that] 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?," the outgoing SEC chair tells Yahoo Finance.
Gensler touches on claims that the SEC lacks proper guidelines for crypto. "If you went on a highway and you're driving a hybrid and you said, 'Well, there's no laws because the laws weren't meant for hybrids' ... that doesn't cut it," he says.
"Not liking the law and not liking the rules doesn't mean there aren't laws and rules, and, with all respect, this is a worldwide field — many jurisdictions and so forth. But the laws and the rules here in the US, whether they're anti-money laundering, whether they're sanctions regimes, whether they're the Commodity Exchange Act, whether they're securities laws, many in the crypto field are not complying with our time-tested laws," Gensler adds.
Catch Jennifer Schonberger's full interview with outgoing SEC Chair Gary Gensler, where they discuss his tenure at the regulatory agency and the future of cryptocurrency regulation.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
This post was written by Naomi Buchanan.