He said that the failure to properly police the crypto industry had resulted in "significant investor harm" and that "the vast majority of crypto assets have yet to prove out sustainable use cases."

Proud to serve
Gensler did not say he was resigning, but the tone was clear.

"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," he said at the end of his speech.