Gary Gensler, the incoming SEC head, Takes Part in the Crypto Industry.

On his means out of the office on Wednesday, SEC Chair Gary Gensler continued to criticize bitcoin, echoing earlier assertions that the business was “rife with terrible stars.”

When asked in a televised interview with whether illegal actions by the likes of FTX creator Sam Bankman-Fried, Binance leader Changpeng Zhao, and Terra habitat father Do Kwon was discouraged by criminal cases, Gensler made the implication that the very idea of blockchain technology might be essentially irresponsible. &nbsp,

” It’s a field that was built up around noncompliance”, the outgoing SEC chief said, smiling. &nbsp,

Gensler continued by stating that while the majority of the financial products he’s worked with throughout his four decades of work have always been based on fundamentals and sentiment, crypto still seems to him to be an asset class that is notably lacking in substance.

” I’ve never seen a field that’s so much wrapped up in sentiment, and not so much about fundamentals”, he said of digital assets.

On January 20, Gensler is scheduled to step down as president, the same day Donald Trump will begin his second term in office. During his tenure, the SEC chair led an aggressive crusade against all manner of crypto-related firms and projects. &nbsp,

Trump’s pick for Gensler’s replacement, the former SEC commissioner Paul Atkins, is widely expected to reverse the current SEC’s crypto-hostile stance.

During Wednesday’s interview, Gensler made a point to try to color his SEC’s current crypto skepticism as nonpartisan and generally unremarkable—by invoking the fact that his Republican predecessor, Jay Clayton, went after almost as many crypto projects as Gensler did.

When Jay was attempting to address it, he brought 80 enforcement actions in this area, Gensler said, referring to allegedly illegal crypto behavior. ” We’ve brought about 100 in our four years, which is consistent”.

However, Gensler has received a significant amount of slack over the past four years from the crypto community as a result of his aggressive stances on the merit and legality of blockchain technology. &nbsp,

When asked today how he felt about the intensity of those attacks during his tenure, Gensler appeared indifferent, saying it came with the territory.

” If you’re not willing to be attacked, you can’t go into the public square and debate policy”, he said, quoting his former boss Hillary Clinton. &nbsp, &nbsp,

The retiring regulator added that given how he feels the crypto sector’s appeal is still rife, he is not too concerned about it. &nbsp,

He cited the risks he believes are endemic to crypto as saying,” I think the public is probably aware of this.” ” And less than 10 % of the public invests in this field”.