Gary Gensler will step down as Chair of the SEC on January 20, 2025, according to an announcement made by the agency on Thursday.
Since taking office in April 2021, Gensler has spearheaded several challenging regulatory initiatives for the crypto industry. He introduced executive compensation reforms linked to company performance and tightened protections for investors in cryptocurrency markets.
Gary Gensler Remains Defiant on His Stance Against Crypto
Gensler’s four-year tenure has been marked by strong enforcement actions against the crypto sector. Last week, Gensler delivered remarks widely interpreted as a farewell. He stood firm on his controversial crypto policies.
He has consistently criticized the crypto industry, describing it as a source of “significant investor harm.” Despite his approval of Bitcoin ETFs, this stance made him a divisive figure in the sector.
Gary Gensler took several enforcement actions against major players like Coinbase, Binance, and Kraken.
Throughout his time at the SEC, Gensler maintained that most cryptocurrencies are securities. He repeatedly urged crypto companies to comply with existing regulations by registering with the agency.
“The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike,” Gensler wrote on X (formerly Twitter).
Gensler’s departure announcement comes after President-elect Donald Trump vowed to dismiss him if reelected. Earlier this month, Tron founder Justin Sun jokingly extended a job offer to Gensler, if he wanted to work in the industry he disapproved of.
Also, Trump has promised sweeping changes to crypto regulations, targeting both federal agencies and legislative frameworks. As BeInCrypto reported earlier, the president-elect is considering three pro-crypto candidates to replace Gensler.
Furthermore, Trump is reportedly planning to create a permanent crypto advisor position for the White House. Although the details remain vague, his team has been allegedly interviewing candidates for this role.
Overall, with Gensler’s resignation, the SEC’s stance toward crypto is likely to change for the better. The market has already reflected positively to this news, as Bitcoin crossed $98,000 in the past hour.
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