He also pointed to the SEC’s record of approving spot Bitcoin BTC$88,160 exchange-traded funds and BTC futures investment vehicles under his watch but suggested that some crypto firms had not followed “common-sense rules of the road.”

“This is a field in which over the years there has been significant investor harm,” said Gensler.

“Further, aside from speculative investing and possible use for illicit activities, the vast majority of crypto assets have yet to prove out sustainable use cases.

Everything we’ve done is focused on ensuring compliance with our laws.”

Though the SEC chair’s term ends in June 2026, Trump promised crypto users that he intended to fire Gensler “on day one” if elected, marking a potentially different direction the commission could take on crypto enforcement.