Reports indicate that the Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, may resign before Donald Trump takes office in January.
Speculation about Gensler's resignation is increasing as the Crypto community has strongly criticized his leadership role in the regulatory agency.
Gensler May Resign from SEC Before January
On November 15, Fox Business reporter Eleanor Terrett hinted that Gensler may announce his exclusive resignation after Thanksgiving.
"When he will announce his resignation is a mystery, but the word in Washington circles is that he may announce after Thanksgiving his intention to leave the position in early January before Trump takes office," Terrett said.
Notably, Gensler's recent statements have further fueled the speculation. In a speech on November 14, he expressed pride in the work done at the SEC, highlighting the agency's efforts to protect American investors. The speech also included reflections on his tenure, leading some to believe it was a farewell message.
"I am very proud to work with my colleagues at the SEC, who every day protect America's families on the financial highways," Gensler wrote.
Under his leadership, the SEC approved the first Crypto ETF, which Gensler described as a significant step. He sees this as a difference from previous administrations that have blocked similar advancements.
However, his tenure has been heavily criticized by the Crypto sector. Tyler Winklevoss, co-founder of Gemini, accused Gensler of harming the industry through his overly rigid regulatory approach. Winklevoss claimed that Gensler prioritized personal ambition over fair regulation and described his actions as intentional and damaging.
Winklevoss warned the Crypto community to stay away from Gensler in the future, stating:
"No apology can undo the harm he has done to our industry and our country. This type of person should not exist in any organization, large or small. Americans have had enough of their taxes being used to abuse them rather than protect them by self-serving politicians."
The SEC under Gensler has pursued prominent enforcement actions against large Crypto companies like Binance, Coinbase, and Ripple. Critics argue that this heavy-handed enforcement strategy has stifled innovation and created an adversarial relationship between the regulator and the industry.
All Eyes on Gensler's Successor
As speculation about Gensler's resignation grows, attention is turning to potential successors under the Trump administration. Possible candidates include Robinhood's Chief Legal Officer, Dan Gallagher, former SEC General Counsel Bob Stebbins, and current Republican SEC Commissioner Mark Uyeda.
While Gallagher has appeared reluctant to accept the role, former SEC Chair Jay Clayton has endorsed Stebbins. Other rumored contenders include Brad Bondi, Paul Atkins, Heath Tarbert, and Norm Champ.
The next SEC Chair will inherit a divided regulatory landscape and face the challenge of mending the strained relationship with the Crypto industry. As the sector continues to evolve, the SEC's strategy under new leadership will play a crucial role in shaping the future of Crypto in the United States.
