Around the time that Gensler was appointed to lead the SEC in 2021, industry participants were cautiously optimistic that he could create “rules of the road.” As someone who taught a course on blockchain at MIT, he displayed a robust understanding of how the technology works.

At times, Gensler faced accusations of stoking a regulatory “turf war” between the SEC and the Commodity Futures Trading Commission (CFTC). With the CFTC overseeing commodities like Bitcoin, Republican lawmakers said the SEC was using a lack of clarity to expand its reach.