From Crackdowns to Crypto ETFs: How Trump’s SEC Reverses Gary Gensler’s Legacy
The U.S. Securities and Exchange Commission has undergone a dramatic transformation in just nine months.
Under President Donald Trump, the agency has moved from a combative stance on digital assets to a friendlier framework for crypto markets, while also weighing fundamental changes to corporate reporting rules.
A Softer SEC on Crypto
Acting under chairs Mark Uyeda and now Paul Atkins, the SEC has dropped several lawsuits against high-profile crypto companies and signaled that only a small minority of tokens should be classified as securities. Regulators have also pushed through streamlined standards for approving cryptocurrency ETFs, creating a more permissive environment than in previous years.
Trump has gone further, proposing this week that U.S. companies no longer be required to publish quarterly earnings reports, instead switching to twice-yearly updates. Atkins confirmed the agency is preparing to review the change, suggesting that markets should decide “the proper cadence” for disclosure.
Gensler’s Very Different Approach
The new posture is a stark reversal from the four years of Gary Gensler, who left the SEC when Trump returned to the Oval Office in January. Gensler became one of the most controversial figures in financial regulation, championing what critics called “regulation by enforcement.” His tenure coincided with the collapse of FTX and a wave of bankruptcies in crypto, during which the SEC launched numerous lawsuits against exchanges and token projects.
While many in the industry cheered his departure, Gensler insisted this week that he stood by every decision. Speaking to CNBC, he described crypto as “a highly speculative, very risky asset” and argued that enforcement was essential given the prevalence of fraud. “Look at Sam Bankman-Fried,” he said. “And he wasn’t alone.”
A Clash of Philosophies
The biggest dividing line may now be corporate transparency. Gensler warned that cutting reporting requirements in half could destabilize markets. “Transparency helps markets,” he said. “If we go to only twice a year instead of four times a year, the markets will be a bit more volatile.”
The Trump-era SEC, by contrast, has embraced a more market-led model. For investors, that means less frequent disclosures, looser oversight of crypto tokens, and a faster track for ETFs. Whether this shift strengthens U.S. markets or exposes them to greater risk remains the open question – one that will define how history remembers both Trump’s regulators and Gensler’s contentious legacy.
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Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
