Gary Gensler Net Worth, Crypto and NFT Investments

The net worth of Gary Gensler is estimated to be between $41 to $119 million. Prior to his emergence as the incumbent and 33rd chairman of the United States Securities and Exchange Commission, he enjoyed a glamorous career in the private and public sectors. At a period in his career, Gensler served as the chairman of the Commodities Futures Trading Commission. 

Before transiting to the public sector, Gensler had an outstanding career with Goldman Sachs. His first appointment into the public service happened in 1997. Then, he was nominated by Bill Clinton as the assistant secretary of the Treasury. So, it is safe to affirm that Gary Gensler built his net worth through his earnings in the two sectors. Meanwhile, he co-authored a book, which to a reasonable extent, also contributed to his wealth.  

As the SEC boss, Gensler’s activities focus on financial reforms and an extension of the agency’s oversight on crypto. His tough actions on the crypto landscape birthed various lawsuits against organizations in the industry. However, in July 2023, Gensler’s stick approach against crypto firms suffered a setback after Judge Analisa Torres ruled that XRP isn’t a security.

In early 2024, the SEC approved all Bitcoin ETF filings after years of anticipation, marking a significant step forward in the quest for the mainstream adoption of crypto. While the approval has successfully unlocked what could be described as the next bull run in the crypto market, pushing Bitcoin above $60k, Gensler clarified that the SEC’s decision does not translate to endorsing Bitcoin.

Gary Gensler’s Net Worth

Early Life and Business Career

Gary Gensler was born into a Jewish family on October 18, 1957. He was brought to life in Baltimore, Maryland as one of five children of Jane and Sam Gensler. Gensler has an identical twin brother, Robert. His father, Sam Gensler was a cigarette and pinball machine vendor at local bars. Sam’s trading venture provided his son with first-hand experience in business management. His father exposed him to the rudiments of finance when he began to take him along to count nickels from vending machines in Baltimore bars.

Gensler’s interest in business and finance was noticed at an early stage. Despite his early interest in business, his parents provided him with enough support to prosper in his academics. In 1975, Gensler graduated from Pikesville High School. He later proceeded to the Wharton School at the University of Pennsylvania alongside his identical twin brother. 

While at the institution, Gensler participated in numerous extracurricular activities. He joined the University of Pennsylvania crew team as a coxswain. A coxswain is the person in charge of a boat that controls its navigation and steering. Gensler dedicated most of his leisure time to the role. Then, he maintained his weight to ensure that the team’s boat could be as fast as possible. 

A few years later, he graduated from the institution with a degree in economics, summa cum laude. In 1979, Gensler received a master of business administration from the graduate division of the University of Pennsylvania. Thereafter, he joined Goldman Sachs. His early passion for business and finance aided him to prosper in the organization. There, he attained various heights that were considered too high for his age. 

In the 1980s, Gensler championed Goldman Sachs’s focus on media organizations. During this period, he oversaw a committee that assisted the National Football League (NFL) to pen the most lucrative deal in the television industry. As a result of the deal, the NFL gained $3.6 billion by selling its television sports rights. Later around 1988, he was elected as a partner to the organization due to his exceptional achievement with the firm. However, it must be established that the feat only impacted the net worth of Gary Gensler a bit. 

Also, he worked at Goldman Sachs as a top mergers and acquisitions banker. Later, he was moved to a different segment of the organization. This development took him to Tokyo, Japan where he managed the company’s fixed-income and currency trading. His dedication and outstanding commitment earned him a new appointment as the head of finance of the firm.  

Later, his outstanding career at Goldman Sachs attracted the attention of the government of the United States of America. In June 1997, President Bill Clinton with confirmation from the U.S. Senate announced Gary Gensler as the assistant secretary of the Treasury. Following the appointment, Gensler left Goldman Sachs after eighteen (18) years. 

Public Service, Involvement in Politics, and Publication

Gary Gensler’s time in the Treasury Department is segmented into two. Initially, he was nominated as the assistant secretary of the treasury. Due to that, he served as the assistant secretary for the financial markets. He acted in that capacity between 1997 to 1999 before becoming the undersecretary for domestic finance. His appointment as the undersecretary ended around 2001. Shortly after, he became a member of the board of University Strayer Education, Inc. The organization owns Capella and Strayer Universities. 

However, while serving as the assistant secretary, Gensler was a senior advisor to the secretary of the Treasury.  He helped develop and implement the federal government’s policies for debt management. Also, he served as the senior advisor to the secretary of the Treasury on the sale of U.S. government securities. Under Lawrence Summers’ term as the secretary of the Treasury, Gensler championed the adoption of the Commodity Futures Modernization Act. The legislation excluded over-the-counter derivatives from regulatory oversight.

In his capacity as the undersecretary of the Treasury for Domestic Finance, Gensler supported Treasury Secretaries like Robert Rubin and Lawrence Summers on domestic finance. He assisted them with the formulation of policies and legislation relating to financial institutions, public debt management, and capital markets. His job at that time was to foster government financial management services, federal lending, fiscal affairs, government-sponsored enterprises, and community development. 

Gensler was outstanding once more in the discharge of his duty and eventually won the Alexander Hamilton award. The accolade is regarded as the highest honor in the Treasury Department. He left the agency in 2001 after serving under Robert Rubin and Lawrence Summers.

After he left the Treasury Department, Gensler joined the staff of U.S lawmaker Paul Sarbanes, the first Greek American senator. Paul Sarbanes, a Democrat, was the longest-serving Maryland senator until January 3, 2017. When Gensler joined his team, Paul Sarbanes was the chairman of the Senate Banking Committee. Gensler served as the senior advisor and helped document the Sarbanes-Oxley Act. Then, the legislation stiffened grounds against accounting standards in the wake of the Enron and WorldCom scandals.

Later, Gensler served as treasurer of the Maryland Democratic Party for two years. Likewise, he held numerous senior roles on the Maryland campaigns of the U.S. Senator Barbara Mikulski. Similarly, his participation in politics was extended to the campaign projects of former Lieutenant Governor Kathleen Kennedy Townsend, and Governor Martin O’Malley. He rose to fame in the political scene as a prominent advisor to various campaign teams.

In the build-up to the 2008 U.S. presidential elections, Gensler served as a senior advisor to Hillary Clinton’s bid for the Democratic Party nomination. After Hillary Clinton’s withdrawal and the eventual nomination of Barack Obama, Gensler served on the latter’s campaign team. Nevertheless, he maintained a good relationship with Hillary Clinton. Later, his expertise earned him the position of chief financial officer of Clinton’s campaign for president in 2015. 

It is worth mentioning that Gensler is a Professor of the Practice of Global Economics and Management, at MIT Sloan School of Management. In the institution, he focuses on the relationship between finance and technology and has conducted research and lectures on public policy, virtual currencies, blockchain, and financial technology.

Likewise, he is also a member of the New York Fed Fintech Advisory Group. The association consists of experts in the financial technology landscape that present opinions and perspectives regarding the industry to the president of the New York Fed. During the 2018/2019 academic session, Gensler was nominated by students for the MIT Sloan Outstanding Teacher Award. Eventually, he won.

Later in 2017, Gensler was assigned by the Maryland Senate President and House Speaker to serve as the chairman of the Maryland Financial Consumer Protection Commission. It is worth mentioning that the commission focuses on the assessment of the impact of possible reforms in federal financial industry laws, regulations, budgets, and policies on the state. As the chair of the commission, he recommended reforms to the state law. The recommendations were targeted at strengthening consumer financial protection.

In addition, his efforts as the commission’s chairman birthed the introduction of a student loan ombudsman. Also, he incorporated the Military Lending Act and the federal Servicemembers Civil Relief Act into the state law. The erudite scholar is also said to be the brain behind the various adjustments to the debt collection laws. Before he left his position with the commission, Gensler hiked civil monetary penalties for violation of state regulations and also established the Student Borrower Bill of Rights to safeguard students against illicit practices.

Publication

Apart from his outstanding career in the finance world, Gensler is also an author. In 2004, he co-authored The Great Mutual Fund Trap: An Investment Recovery Plan alongside Greg Baer. According to Amazon, the book offers ”investors an escape from high costs and immunity from seductive marketing messages.”

The book gives an insight about how investors can use new investment products to make higher returns with lower risks. Its sales contributed to the net worth of Gary Gensler.

CFTC

Gensler’s outstanding career and wealth of experience caught the attention of the then-president of the United States, Barack Obama. On December 18, 2008, before his inauguration as the president, Barack Obama disclosed his intention to make Gensler the chairman of the Commodity Futures Trading Commission (CFTC).

Later in January, Obama fulfilled his intention by officially nominating him for the role. However, his nomination was opposed by some progressive members of the Democratic caucus. However, he scaled through and was sworn in as the eleventh (11th) chairman of the CFTC. 

During his stint as the chair of the CFTC, Gensler managed the impact of the financial crisis of 2008. This success earned him a good reputation within a few months of his assumption into office. He also revived the $400 trillion financial derivatives markets. 

More so, Gensler championed the Obama administration to introduce reformation policies for the “wild west of finance.” Later, he opposed the Treasury Department’s attempt to regulate the swaps market. In a letter to Congress, Gensler argued that the proposal of the Treasury Department was not broad enough.

However, Congress in July 2010, approved a well-detailed amendment as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation empowered the CFTC to design regulations for the swaps markets. Later, the regulator came up with sixty-eight (68) new regulations. 

The Dodd-Frank Act of 2010 enhanced the CFTC’s regulatory authority to oversee the more than $400 trillion swaps market. See the purpose of the legislation here: https://t.co/sp4gZxrtHU

— CFTC (@CFTC) January 10, 2020

Gensler earned commendations for his efforts toward the transformation of the swaps marketplace. Then, he leveraged his status as the CFTC boss to ensure transparency in the industry, thereby making it easy for U.S. residents to benefit from both real-time reporting and exchange trading of swap transactions. Gensler also revived the activities of the enforcement department of the agency. His success in this area was underlined by the successful prosecution of an enforcement case relating to the manipulation of libor, the London interbank offered rate. 

In a bid to aid the agency’s investigations into the issue, Gensler listened to the tape recordings of Barclays’ staff. In the recording, the employees discussed their intention to record fake interest rates to manipulate libor. Meanwhile, Libor refers to the estimated standard rate that an average prominent bank must be charged if they are borrowing from their counterparts. Later, Gensler through the CFTC charged five (5) financial institutions for manipulating libor, alongside other interest rates. The organizations paid $1.7 billion in penalties. Barclays was also made to pay a $450 million fine. 

Then, he opined that libor was unsustainable, and called for its removal as the benchmark rate. All his efforts as the CFTC boss didn’t go unnoticed. In 2014, he was awarded the Tamar Frankel Fiduciary Prize.

SEC

Gensler was nominated by President Biden in 2021 to lead the SEC. The U.S. Senate confirmed his nomination on April 14, 2021. He was sworn into office on April 17, 2021, as the 33rd chairman of the SEC.

Upon the commencement of his administration, Gensler initiated a reform campaign in the financial market. In his first speech, he underlined the need for new regulations to lessen the risk of improper insider trading. On June 9, 2021, Gensler revealed plans to review the market structure due to the short squeeze of both GameStop and AMC Entertainment Holding, Inc. 

Later, he oversaw the removal of William Duhnke as the Public Company Accounting Oversight Board (PCAOB) chairman. The removal came in response to the call of two U.S. senators, Elizabeth Warren, and Bernie Sanders.

In their letter to Gensler, they urged the SEC to dismiss some sitting members of the PCAOB. They cited how appointees of the Trump administration had politicized the board and altered its independence. On June 17, 2021, the SEC commenced an investigation into how William Duhnke handled internal issues while overseeing the activities of the PCAOB. 

In late 2021, the SEC approved new regulations which were implemented by Nasdaq, Inc. The regulations require companies listed on the Nasdaq to include at least one female member on their boards of directors. Similarly, it requires at least one racial minority or LGBTQ board member. More so, these companies must disclose statistics measuring the diversity of their board membership. The regulator also  reviewed strategies and practices used by online brokers and investment consultants to facilitate user engagement with trading gamification.

Later, the SEC received eight whistle-blower complaints accusing Facebook, Inc. of committing securities fraud. The complaints were filed with the SEC through the whistleblower aid on behalf of Frances Haugen, a former employee of the tech company. The regulatory body received two more securities fraud complaints on behalf of Haugen against Facebook after it changed its name to Meta.

Today we announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action.

For more information about the whistleblower program and how to report a tip, visit https://t.co/jA1B39NPLG.

— U.S. Securities and Exchange Commission (@SECGov) January 19, 2023

In November 2021, Senate Elizabeth Warren asked the SEC to investigate potential violations of the securities law in a merger involving Digital World Acquisition Corp. (DWAC) and the Trump Media & Technology Group (TMTG). Later, reports surfaced about an investigation by the SEC regarding the merger. 

Gensler’s tenure as the SEC chairman was characterized by various reforms. On December 2, 2021, the SEC completed a regulation to implement the Holding Foreign Companies Accountable Act. Also, Gensler responded to the increase in stock sales by CEOs and other executives by introducing new regulations. His focus on financial reforms was extended to 2022. Then, he met with other SEC officials to discuss new regulations for hedge funds and private equity.

On December 6, 2021, Gary Gensler’s SEC commenced an investigation into Tesla’s failure to fully tell shareholders about fire risks connected with its Solar panels. In a filing, the electric car manufacturer revealed that the SEC issued a subpoena against it. This development triggered a legal battle between the two. 

Gensler’s transformative agenda was also extended to the stock market in March 2022. Then, the SEC introduced new rules to compel stock corporations to disclose their climate risk. The regulations generated a host of criticisms, most especially in the media. Gensler was accused of attempting to regulate private organizations through the back door. Critics referred to the regulation as “contrary to SEC history, securities law, and regulatory practice.” 

Also, as an extension of the Biden administration’s environmental policy, the SEC introduced changes to the Environmental, Social, and Governance (ESG) investment fund qualification. The regulatory body introduced the new regulations on May 25, 2022, to prevent greenwashing marketing activities. Likewise, it commenced an investigation into the ESG investment funds of Gensler’s former employee, Goldman Sachs for possible greenwashing. 

In another development, Elon Musk through a tweet initially revealed plans to suspend the acquisition process of Twitter until records about fake accounts on the microblogging app were confirmed. He made the revelation amid the investigations against him by the SEC as regards the Twitter takeover deal. Later in June 2022, Musk’s representatives in a letter to the SEC, presented arguments on how the Tesla CEO retained the right to withdraw from the deal. 

I hereby challenge @paraga to a public debate about the Twitter bot percentage.

Let him prove to the public that Twitter has <5% fake or spam daily users!

— Elon Musk (@elonmusk) August 6, 2022

Barely a few weeks after, Elon Musk filed another letter with the SEC to Twitter executives. In the letter, he affirmed his intention to pull out of the deal. The Twitter board, in its response, threatened a legal battle with the Tesla boss. Later, Twitter informed the SEC of its intention to hold a shareholder meeting on September 13, 2022, to decide on the takeover deal. Finally, Musk completed the takeover deal. 

On December 14, 2022, the SEC charged eight individuals in a $100 million securities fraud scheme. According to the regulator, the individuals used social media platforms like Twitter and Discord to manipulate exchange-traded stocks.

Today we announced charges against eight social media influencers in a $100 million securities scheme in which they used Twitter and Discord to manipulate exchange-traded stocks.https://t.co/zzrchqFlqg

— U.S. Securities and Exchange Commission (@SECGov) December 14, 2022

Is Gary Gensler Pro Crypto?

Gary Gensler is one of the biggest enemies of crypto. His activities since emerging as the chair of the regulatory body have established him as one with a despicable mindset about the innovation. In recent years, he spoke badly about cryptocurrencies and has continued to even leverage his position as the chair of the regulator to target crypto firms in the country. 

Gensler’s aim has always been to expand the oversight of the SEC to crypto and ensure the legislation of the industry is in line with existing financial laws. In a bid to achieve this, it began a drastic clampdown on firms offering crypto products and eventually dragged many of them to court, citing violations of securities laws. According to our findings, some of the concerned firms are Coinbase, Ripple, Binance, Gemini, and several others. 

Gensler’s argument is that crypto products are securities and thus, must be registered with the agency before their offerings. In one of its filings, particularly the one against Ripple, the SEC complained that the firm and its executives, Chris Larsen and Brad Garlinghouse made over $1.5 billion from the sale of XRP without any prior registration. Although the lawsuit has now reached a logical end in favor of Ripple, Gensler is not willing to step away from other similar cases. 

However, the activities of the SEC, under the leadership of Gensler, have come under heavy criticism. In recent years, crypto proponents accused Gensler of demonstrating clear bias against the crypto space. They describe the U.S. as a country with regulatory confusion due to its pursuit of numerous anti-crypto policies through the SEC.

As of July 2023, the U.S. is yet to come up with a clear regulatory framework for the industry owing to the division among lawmakers about how crypto assets should be regulated. Now, there are over seventy (70) crypto and blockchain bills before the Senate with no passage in sight for any of them yet. Republicans in the parliament are critical of the White House’s tough approach to regulatory crypto and have not been reticent about their position.

But, Gensler believes provisions in the existing financial laws have already clarified crypto products as securities. He has been banking on these laws to run after the biggest names in the industry under the directive Joe Biden. On numerous occasions, the chair insisted that crypto firms in the country must meet up with the standards put in place by the regulator to monitor their activities.

For instance, around 2021, he testified before the Senate Banking Committee and argued how the registration of crypto products by digital asset providers in the country would help protect investors from risks. There, he labeled crypto as highly speculative assets and downplayed arguments by crypto proponents that the products provide a pathway to financial freedom. 

In reaction, Senate Republicans insisted that Gensler and his agency need to develop clearer standards for the agency. According to one of the Senators, Patrick J. Toomey (R-Pa.), Gensler’s approach has been “regulation by enforcement, and it’s very objectionable.” 

Meanwhile, Gensler was quick to respond to Toomey’s comment, stressing that the SEC is working in line with standards established by Congress and the Court. He was quoted saying; “You’ll find I’m not negative or a minimalist about crypto. I just think it would be best if it’s inside the investor protection regime that Congress laid out.”

Also, in an interview with Washington Post, the chair spoke extensively on activities of his agency toward crypto and stablecoins. He emphasized the role of Congress in ensuring the adequate regulation of stablecoins. 

“I think that we have robust authorities at the Securities and Exchange Commission and we’re going to use them and continue. I think it would be better if the platforms that are trading securities, the platforms that have lending products… that they come in and we sort through, figure out how best to get them within the perimeter. We’ll also be the cop on the beat, bringing those enforcement actions as well. Working with Congress would help, because there’s a lot of coordination by and amongst our financial regulators… In a world of stablecoins, I do think that there would be some help from Congress. I do think we can work with Congress with regard to the coordination again of commodities and securities. But in terms of the SEC, I do think we have robust authority, but there are gaps as I’ve identified them,” Gensler said. 

In the interview, he was asked if he felt digital assets would become a substantial alternative to public currency. But, his response wasn’t a good one for the crypto community. He said; “History tells us that private forms of money don’t last long. In often cases there’s not something standing behind it other than what someone will pay you for it.”

Gensler’s negative remarks have continued to reflect in the various activities of his agency and thus raise questions about the future of cryptocurrency in the country. His public defense of the SEC’s aggressive actions against the crypto arena has, in recent years, made him a subject of controversy. He has continued to endure widespread condemnations from members of the crypto community who regard him as a big threat to the development of the volatile industry.

Recently, one of the critics of Gensler’s onslaught against crypto firms, known as The Blockchain Association lamented that “During his tenure at the SEC, Chair Gensler has repeatedly and forcefully communicated that he has already prejudged each and every case that may come before him, asserting that all digital assets except for bitcoin are securities. Chair Gensler’s vote is tainted: his refusal to engage with the facts and circumstances of each case undermines the Wells process and deprives enforcement targets of the due process rights to which they are entitled.” 

However, Gensler has been downplaying the criticism and recently insisted that his agency is not attempting to crush the industry. In a 2023 Piper Sandler Conference in New York, he accused crypto firms of making a “calculated economic decision” to defy SEC’s standards. According to the SEC boss, a “vast majority” of crypto assets have features that qualify them as securities and should be registered with the agency. 

“When crypto asset market participants go on Twitter or TV and say they lacked ‘fair notice’ that their conduct could be illegal, don’t believe it. They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business,” he added. 

As the battle between Gensler’s SEC and crypto proponents continued to gather huge waves, he was invited by the United States House of Representatives Committee on Financial Services. There, he emphasized that nothing about the crypto market is incompatible with existing securities laws 

“It’s the law; it’s not a choice. Calling yourself a DeFi platform, for instance, is not an excuse to defy the securities laws. Right now, unfortunately, this market is rife with noncompliance. This noncompliance not only puts investors at risk, but also puts at risk the public’s trust in our capital markets,” Gensler said. 

Meanwhile, shortly after Coinbase and Binance were sued for alleged violations of securities laws, Genslar came on board to defend the actions of his agency. In a statement on CNBC, he said; “This is about both investors and issuers in the crypto space, to bring them into compliance. We brought a number of actions. We stand ready to continue to work with the industry.”

Gensler thinks the industry is not as important as people perceive it. He argued that the U.S. does not need more digital assets because it has one already. 

“We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar, it’s called the euro, it’s called the yen. They’re all digital right now […] so what’s the real underlying value of these tokens?”

In response to this statement, the CEO of Coinbase, Brian Armstrong slammed Gensler, describing him as an “outlier.” Armstrong said his exchange had earlier met the regulator to register its offerings but received an “icy reception” from Gensler.

The SEC boss also responded to threats by crypto firms to move their activities to Europe and other jurisdictions with clearer regulations. He considered the threats as inconsequential to the U.S., adding that “we lose more if investors get harmed here. It’s a basic bargain in finance: If you want to raise money from the public, disclose certain facts and figures.”

He reminded the crypto community, particularly well-known Bitcoin investors, that MiCA doesn’t cover the largest crypto by market cap. Recall that MiCA, otherwise known as Markets in Crypto Assets (MiCA) is a regulatory framework designed by the European Parliament for its member states. The document which has been labeled as a template for global regulation prohibits insider trading and introduces a unique licensing approach across Europe. 

However, despite being regarded as the most comprehensive legislation across the world, Gensler doubts the effectiveness of MiCA. 

Nevertheless, it is important to state that the declaration by the U.S. Court that XRP is not security remains a setback to Gensler and his agency in their aggressive crusade against the crypto market. Recently, the SEC leader expressed his disappointment with the ruling but insisted that crypto firms should still comply with SEC rules. However, it must be established that he singled out Bitcoin as the only asset that can be regarded as a commodity, stressing that “everything else other than Bitcoin is security.”

Barely a month after the XRP ruling, the SEC also suffered another setback in its legal battle with Grayscale. The crypto asset manager had earlier sued the regulator for refusing its application to convert its Bitcoin Trust (GBTC) into ETF. In an August 29, 2023 ruling, the U.S. Court of Appeal directed the SEC to review its decision.

In early 2024, Gary Gensler confirmed the approval of all Bitcoin ETF filings, making it possible for U.S. residents to hold Bitcoin in their brokerage accounts.

Crypto and NFT Holdings of Gary Gensler

It is not surprising that Gary Gensler did not build his net worth by engaging in crypto and NFT investments. He has over the years, proven his disgust for cryptocurrencies, labeling them as a “highly speculative asset class.” His position is that the industry as a whole is “rife with fraud and scams and hucksters.”

During an April 2023 hearing, Gensler confirmed to lawmakers that he does not own crypto assets. He said; “I don’t own any crypto assets… [but] all of my securities holdings are actually digital because they’re held by a broker-dealer.”

The SEC boss also submitted that other members of his team do not hold the assets too. “I don’t believe under our ethics rules they do,” he noted.

Meanwhile, many questions are begging for answers as to whether Gensler as the SEC chair could hold crypto assets if he wanted to. Richard Hong, partner at a popular law firm, provided an answer to that.

According to Hong; “The SEC has a strict ethics policy on securities trading, and while I’ve never tested this, I seriously doubt that the ethics folks would allow the chair of the agency to own any — maybe except for [ether], which the SEC says is not security.”

Gary Gensler Net Worth – Our Verdict

Gary Gensler laid the foundation of his net worth through his earnings in the public and private sectors. His successful stints in these sectors earned him the appointment to lead the U.S.’s most famous regulatory body, SEC. Since his assumption into office, Gensler has embarked on drastic enforcement actions, particularly in the unregulated crypto space.

The aggressiveness of many of his actions with the SEC made him a subject of huge controversy on social media. However, Gensler seems undeterred and has continued to insist that his administration has the legal tools to excel in its enforcement actions despite losing out in the lawsuit against Ripple. 

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