Gary Gensler to exit SEC on January 20: XRP, ADA, BNB prices react as Crypto

However, his focus on crypto assets—amid rising criticism from industry stakeholders—has cast a divisive shadow over his legacy. The upcoming leadership transition raises significant questions about the future of crypto regulation and broader market oversight in the U.S.

Gensler’s Tenure: Enforcement Actions and Crypto Oversight

During his term, Gensler presided over reforms to the $28 trillion U.S. Treasury market and implemented the first major updates to the $55 trillion U.S. equity market in nearly two decades.

Under his leadership, the SEC initiated over 2,700 enforcement actions, resulting in $21 billion in penalties and disgorgements. The agency also returned $2.7 billion to harmed investors between 2021 and 2024.

A major hallmark of Gensler’s tenure has been his aggressive stance on cryptocurrency regulation. While crypto constitutes less than 1% of U.S. capital markets, 18% of the SEC’s tips, complaints, and referrals in the last fiscal year involved digital assets.

Gensler’s enforcement actions targeted crypto intermediaries for fraud, unregistered offerings, and other violations. He also reiterated that existing securities laws apply to digital assets, fueling debates over regulatory clarity in the crypto industry.

Despite successes, critics point to delays in approving spot Bitcoin ETFs and unresolved cases like the protracted legal battle with Ripple, which could extend into 2025. Industry players argue that the SEC’s regulatory approach under Gensler hindered innovation while providing limited guidance for compliance.