Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), has revealed his plan to step down from his position on January 20, 2025.
This announcement coincides with the start of President-elect Donald Trump’s second term, noted for its favorable stance toward the cryptocurrency sector.
Gensler's departure marks the end of a tenure that began in 2021, defined by an approach to regulating the crypto industry.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Are Oracles in Crypto? (Beginner Friendly Animation)
Since assuming his role, the SEC has initiated over 100 actions targeting cryptocurrency-related entities. These efforts aimed to ensure compliance with securities laws, which he argued were applicable to most digital tokens, despite resistance from industry players.
In a speech delivered on November 14, Gensler reinforced his stance on crypto regulation. While he cited the approval of spot Bitcoin
Gensler expressed deep gratitude for his opportunity to contribute to maintaining the integrity of US financial markets, calling it a once-in-a-lifetime privilege. On November 22, Gensler announced his departure on X, stating:
It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital mkts remain the best in the world.
President-elect Trump, who has openly advocated for positioning the United States as a global leader in cryptocurrency innovation, has been vocal about his intent to overhaul the SEC. During his campaign, Trump pledged to replace regulatory heads, including Gensler, with individuals more supportive of the crypto industry.
However, while the president holds the authority to appoint a new SEC chair, commissioners cannot be forcibly removed from the agency, making Gensler’s voluntary exit particularly important.
Gensler’s departure may mark the end of his strict regulatory approach, but the controversy surrounding his policies is far from over. Recently, a coalition of 18 US states has taken a stand against the SEC's crypto enforcement. What are their arguments? Read the full story.
