Gary Gensler Defends His SEC Crypto Crackdown, Says He Has No Regrets

Key Insights:

• Gary Gensler says he is “proud” of his crypto enforcement at the SEC.

• He defends actions taken against fraudulet exchanges, citing Sam Bankman-Fried.

• Many lawsuits filed during his tenure were dropped under new SEC leadership pushed by the Donald Trump administration.

Former SEC Chair Gary Gensler has publicly defended his aggressive enforcement approach to crypto regulation, stating he has “no regrets” about the policies he pursued during his tenure.

In a rare media appearance on CNBC this week, Gensler reflected on his time leading the Securities and Exchange Commission, saying his actions were rooted in investor protection even as the agency under current chair Paul Atkins takes a very different stance.

Gensler, who stepped down on January 20, 2025, the day President Donald Trump returned to office, was widely seen as one of the most aggressive regulators in crypto history.

During his term, the SEC filed lawsuits against major industry players, citing violations of securities laws. But under Trump’s administration, many of those cases have been withdrawn or restructured, reflecting a shift toward a more industry-friendly environment.

When asked about this shift, Gensler told CNBC’s Sara Eisen that he was “proud” of his work at the SEC and believed his decisions were justified.

“We were consistently trying to ensure for investor protection,” he said. “In the midst of it, we had a lot of fraudsters. Look at Sam Bankman-Fried and he wasn’t alone.”

Criticism And Pushback From The Crypto Industry

Gensler’s tenure at the SEC drew sharp criticism from crypto industry leaders, who accused the agency of regulation by enforcement.

Rather than issuing clear guidelines, the SEC under Gensler chose to pursue high-profile legal battles with companies like Ripple, Coinbase, and Binance, claiming their operations violated U.S. securities laws.

Many in the space welcomed his departure earlier this year, particularly after Trump’s vocal opposition during the 2024 campaign.

At one point, Trump promised to “fire Gensler on day one” if elected. This happened on January 20 that day and Gensler went back to his academic position at the MIT Sloan School of Management.

The regulatory environment that he contributed to continues to cast a long shadow even after his departure. Although certain cases have been dismissed under the new SEC regime, others are still pending, and the legacy of the Gensler era still affects the decisions of the agency.

No Regrets Despite Changing Tides 

Gensler clarified that he still supports the decisions he made, despite the crypto industry enjoying a more laissez-faire attitude in the Trump administration.

His remarks indicate that the direction of the SEC might have shifted, but the discussion on how to regulate digital assets in the U.S. is not over yet.