U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has reaffirmed his regulatory approach despite calls for his dismissal and former President Donald Trump’s pledge to remove him if re-elected.

Speaking at a financial technology conference in Las Vegas on Monday, Gensler affirmed his commitment to continue his work at the SEC while in office. He acknowledged the political pressures, especially from the cryptocurrency industry, as the Nov. 5 election approaches, stating:

Democracies have consequences, but we’re going to continue to do that which we do well at the SEC until, as I say, the ref calls the whistle.

As the election nears, both Republicans and Democrats have expressed dissatisfaction with Gensler. Trump has vowed to fire the SEC chairman on the first day of his administration, and some cryptocurrency supporters within Vice President Kamala Harris’ circle have also shown support for his removal under a potential new administration.

The SEC chair faces frequent criticism from the cryptocurrency industry and some lawmakers for “regulation by enforcement,” focusing on enforcement actions over clear guidance. Critics argue this approach creates uncertainty and stifles innovation, leaving companies vulnerable to legal action without clear compliance guidelines. Gensler, however, defends the SEC’s stance, insisting that current securities laws cover most digital assets and that crypto companies must comply with these established rules to protect investors.

Gensler, who was appointed in 2021 by President Joe Biden, addressed the challenges of working amid changing political leadership, stating:

Traditionally, presidents decide who chairs the SEC. That’s a good part of democracy.

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