As SEC chair, Gary Gensler reflects on his achievements and expresses pride in his service.

Gary Gensler, Chairman of the Securities and Exchange Commission, delivered a speech at the Practising Law Institute's 56th annual conference on securities regulation this morning.

It sounded awfully close to a farewell speech.

Since April 2021, Gensler has led the SEC and described it as a remarkable agency.

"Serving with them has been an honor, as we work for the people and maintain the world's top capital markets."

Gensler reviews accomplishments

Gensle offered a review of what he has accomplished.

Gensler emphasized the numerous disclosure regulations the SEC has implemented, such as data breach disclosure, executive pay versus performance, and additional disclosures for those attempting to acquire more than a 5% stake in a company.

Gensler briefly mentioned his contentious climate change disclosure rule, which has faced legal challenges.

He stated that Congress enacted crucial disclosure provisions since securities information benefits the public.

Gensler implemented new rules for central clearing of Treasuries and shortened the settlement cycle for stocks from two days to one day. He also recently passed rules that allow stocks to be quoted in increments of less than a penny.

Defense of crypto stance

Gensler offered a full-throated defense of his approach to crypto.

Gensler reiterated his claim that although Bitcoin is not a security, the SEC's attention has been on the thousands of other digital assets that have been deemed securities by courts and are therefore under the SEC's jurisdiction.

He reiterated that anyone selling securities must register, and that intermediaries such as broker-dealers, exchanges, and clearinghouses are also required to register.

The crypto industry has not yet proven out sustainable use cases, resulting in significant harm to investors due to inadequate policing.

Proud to serve

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

"I am proud to serve alongside my colleagues at the SEC, who tirelessly work to safeguard American families on the financial highways," he concluded in his speech.