SEC Chairman Gary Gensler's term countdown: Thanks to Biden's appointment, the wild west-like encryption market still needs to be strengthened in regulation

As Trump's inauguration day approaches, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), is also nearing the end of his four-year term. On 1/9, he accepted an interview with Bloomberg to discuss the various tasks and achievements accomplished during his tenure. Although Gensler acknowledges facing criticism and pressure from the outside world during his term, he stated that the job is a great honor, including strengthening cryptocurrency market regulation and combatting related financial fraud.

Gensler first thanked the current President of the United States, Joe Biden, for his trust, stating that it is a great honor to serve in this role. Gensler pointed out that the SEC is responsible for supervising a capital market of up to $120 trillion, which is crucial to the global economy. As for the criticism and public opinion pressure from the outside world, he said that this is part of the democratic system: 'Once entering the realm of national public policy, one must face these criticisms, which is an essential process of democratic policy.'

During the term, promoting policy improvements to enhance market efficiency and significantly shorten delivery periods

Gensler also reviewed several significant changes to improve the efficiency of the financial market, including reducing the stock delivery period from two working days to one day. He said, 'This may seem like a technical detail, but it directly helps investors receive funds faster.' In addition, Gensler also mentioned the promotion of new regulations on data privacy, which require companies to notify users promptly in the event of data leakage, demonstrating that the SEC is committed to protecting investor rights.

Metaphorically, the cryptocurrency market is like the wild west, still facing many challenges.

Gensler's description of the cryptocurrency market can be quite direct, likening it to the "Wild West" of the American frontier era. He stated that during his tenure, the number of SEC enforcement cases related to cryptocurrencies has increased from 80 to over 100. Gensler pointed out that while mainstream cryptocurrencies such as Bitcoin occupy the majority market share, there are still tens of thousands of tokens that are high-risk investments. He further stated, 'Many are even scams or Pump and Dump.' And he admitted that there are still many unknown challenges in the cryptocurrency market, and some investors still lack crisis awareness.

Strengthen climate risk disclosure standards in response to market demand

SEC has also introduced new regulations on climate risk disclosure during Gensler's tenure. He emphasized that this is in response to market demand, and currently over 60% of large U.S. companies have proactively provided data related to greenhouse gas emissions. Gensler stated that the SEC's goal is to make these disclosures more consistent and transparent, only requiring companies to provide greenhouse gas emission data, without involving supply chain-related data.

The Role Transition from Academic Researchers to SEC Enforcement Officials

Gensler questioned the transition from his role as an academic researching cryptocurrencies to becoming a government enforcer, to which he responded, "While in academia, my expertise was in exploring the value of this technology. But at the SEC, it is an enforcement agency, and my responsibility is to protect the interests of investors." He added that the SEC's regulatory work on cryptocurrencies aims to steer the market in a more compliant direction.

(Trump nominates Paul Atkins as SEC chairman, Bitcoin 99K, ETH stands at 3,800)

This article SEC Chairman Gary Gensler's term countdown: Thanks to Biden's blessing, the wild west-like crypto market still needs to be strengthened. Originally appeared on Chain News ABMedia.