Gensler is a traditionalist in the sense that he believes the laws currently governing the market, which date back to the Great Depression, are sufficient to handle modern inventions like bitcoin. There’s no need to rewrite the rules: The crypto exchanges should register with the government, regulators can decide whether various digital coins are actually securities (like stocks) by applying the historic standard known as the Howey Test, and discourse on Reddit isn’t so different from the early days of radio. He enjoys making references to antiquity.