SEC Chair Gensler urges crypto to comply with rules as time leading agency nears possible end

U.S. Securities and Exchange Commission Chair Gary Gensler again called for crypto exchanges to register and urged those selling securities to make proper disclosures as his time leading the agency could be coming to an end. 

In prepared remarks on Thursday at the Practicing Law Institute's 56th Annual Institute on Securities Regulation, Gensler said many of the 10,000 digital assets in circulation are securities. 

"Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion," Gensler said. "That’s less than 20 percent of the whole crypto market and less than one quarter of one percent of the worldwide capital markets."

Gensler's comments come after President-elect Donald Trump won the U.S. presidential election last week. Trump has said he would fire Gensler. Sources have said it is likely Gensler would step down as other chairs have done in the past. Gensler could decide to stay on at the SEC as a commissioner. 

Gensler also made a few comments on Thursday about working at the SEC. 

"It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world," he said. 

"I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance," he added