In a recent conversation, former SEC Chairman Gary Gensler reflected on his tenure at the SEC. He expressed no regrets about his enforcement and regulatory decisions, stating that during his tenure, the SEC initiated approximately 100 cases targeting the crypto industry, comparable to his predecessor, Jay Clayton, and that the goal was always investor protection. He also observed that the market at the time was rife with fraud, and Sam Bankman-Fried was just one of them.
Gensler emphasized that most crypto market transactions rely on momentum and hype, not value creation. Regarding the thousands of tokens, he bluntly stated that, with the exception of Bitcoin, most lack any fundamental support and are highly speculative and risky assets.
Despite the controversy, he reiterated that his top priority is always to protect investors, a statement that also highlights his recognition of Bitcoin's "exceptional status."
