Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), will step down from his role on January 20, 2025, according to a statement released by the regulatory agency on November 21. Gensler has been a prominent figure in financial oversight, particularly for his strict approach to cryptocurrency regulation.
His resignation coincides with the inauguration of President-elect Donald Trump for his second term, a figure who has been vocal about reshaping the regulatory landscape to be more favorable to the crypto industry.
“It’s been an extraordinary privilege to work with the talented individuals at the SEC, ensuring our capital markets remain the strongest globally and serve the interests of everyday Americans,” Gensler shared in the announcement.
President-elect Trump had previously pledged to remove Gensler from his position as part of his appeal to cryptocurrency advocates during his campaign. While the president has the authority to appoint a new SEC chair, Gensler’s decision to leave entirely ensures a clean slate for the incoming administration.
Since taking office in 2021, Gensler has overseen an aggressive regulatory crackdown on the cryptocurrency sector, initiating over 100 enforcement actions against various companies in the space. On November 14, he reaffirmed his commitment to enforcing securities laws in the crypto industry, emphasizing that many of the nearly 10,000 tokens in circulation should be properly registered to ensure transparency for investors.
While Gensler highlighted the SEC’s approval of Bitcoin spot exchange-traded funds (ETFs) as a sign of collaboration with the industry, he also criticized certain crypto projects for disregarding fundamental regulatory principles.
President-elect Trump, who has expressed a vision to make the U.S. a global hub for cryptocurrency, has promised to appoint leaders who are more aligned with industry interests. Reports suggest Trump may nominate Summer Mersinger, a Republican commissioner at the Commodity Futures Trading Commission (CFTC), to lead the agency. Mersinger has previously advocated for a more lenient regulatory approach toward digital assets.
Additionally, Trump is rumored to be considering the creation of a dedicated White House role focused solely on cryptocurrency policy.
The SEC has seen other high-profile departures recently, including Gurbir Grewal, the agency’s enforcement chief, who resigned in October after spearheading numerous actions targeting the crypto sector.
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