Gary Gensler is expected to step down as SEC chairman on January 20, 2025, the agency announced on Thursday.
Gensler has led several challenging regulatory initiatives for the cryptocurrency industry since taking office in April 2021. He has introduced reforms to executive compensation tied to company performance and strengthened investor protection in the cryptocurrency market.
Gary Gensler Maintains Anti-Crypto Stance
Gensler's four-year term has been characterized by strong enforcement actions against the cryptocurrency sector. Last week, Gensler made remarks that could be interpreted as a farewell. He has maintained a firm stance on the controversial cryptocurrency policies.
He has consistently criticized the cryptocurrency industry as a "source of significant investor harm." Despite approving a Bitcoin ETF, this stance has placed him at the center of controversy within the industry.
Gary Gensler has taken several enforcement actions against major firms such as Coinbase, Binance, and Kraken.
During his tenure at the SEC, Gensler has argued that most cryptocurrencies are securities. He has repeatedly urged cryptocurrency companies to register with the agency and comply with existing regulations.
"The SEC is an amazing institution. The staff and the Commission are deeply committed to investor protection, facilitating capital formation, and ensuring markets work for both investors and issuers." - Gary Gensler, posted on X (formerly Twitter).
Gensler's announcement of his resignation came after former President Donald Trump, who is running for re-election, promised to fire him if elected. Earlier this month, TRON founder Justin Sun jokingly offered Gensler a job opportunity in the cryptocurrency industry.
Additionally, Trump has promised sweeping changes to cryptocurrency regulation targeting federal agencies and legislative frameworks. As previously reported by BeInCrypto, the president-elect is considering three pro-cryptocurrency candidates to replace Gensler.
Furthermore, it has been reported that Trump plans to create a permanent cryptocurrency advisor position in the White House. While the details remain unclear, his team is said to be interviewing candidates for this role.
Overall, Gensler's resignation is likely to result in a more positive shift in the SEC's stance towards cryptocurrencies. The market has already reacted positively to this news, with Bitcoin breaking above $98,000 in recent hours.
