(Bloomberg) -- Gary Gensler is making a final pitch for how the SEC should be allowed to regulate cryptocurrency markets ahead of the incoming Trump administration and its enthusiasm for digital assets.

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In a speech prepared for a Thursday legal conference in New York, the Securities and Exchange Commission chair repeated that the agency should be focused on “rules of the road” that apply to crypto sales and intermediaries, such as brokers and exchanges, to promote proper disclosure.

The experience of the Great Depression, where so many investors were wiped out and the economy sent into a tailspin, taught policymakers about the importance of “provisions about disclosure because information about securities creates a public good,” Gensler said at the Practicing Law Institute’s annual securities regulation conference.

Gensler reaffirmed that Bitcoin itself isn’t a security, but he touted the SEC’s legal wins on crypto-related investment products. “Court after court has agreed with our actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered — whatever their form,” he said.

The next Republican administration at the SEC likely won’t share Gensler’s view of the digital asset industry as being rife with noncompliance, or that the industry must abide by the same decades-old securities regulations as traditional exchanges and issuers.

President-elect Donald Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump changed tack after digital-asset firms spent heavily during election campaigning to promote their interests.

The Heritage Foundation’s Project 2025 has vowed to significantly whittle away at the size and powers of the SEC watchdog. While Trump distanced his policy views from Project 2025, some of his allies, such as Elon Musk, have vowed to undertake similar plans through the newly announced Department of Government Efficiency.

--With assistance from Sunil Jagtiani.

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