Gary Gensler will resign as SEC Chairman on January 20, 2025, according to an announcement by the agency on Thursday.
Since taking office in April 2021, Gensler has led many challenging legal initiatives against the cryptocurrency industry. He has introduced executive compensation reform related to company performance and tightened investor protections in the cryptocurrency market.
Gary Gensler Remains Steadfast in His Anti-Cryptocurrency Stance
Gensler's four-year tenure has been marked by aggressive enforcement actions against the cryptocurrency industry. Last week, Gensler made widely interpreted farewell remarks. He has maintained his controversial stance on cryptocurrency policy.
He has frequently criticized the cryptocurrency industry, describing it as a significant obstacle for investors. Although he has approved a Bitcoin ETF, this stance has made him a divisive figure in the field.
Gary Gensler has taken enforcement actions against major companies such as Coinbase, Binance, and Kraken.
Throughout his tenure at the SEC, Gensler has maintained the view that most cryptocurrencies are securities. He has repeatedly called on cryptocurrency companies to comply with existing regulations by registering with the agency.
"The SEC is a respected agency. The staff and the Commission are deeply committed to the mission, focused on protecting investors, facilitating capital formation, and ensuring markets work efficiently for both investors and issuers," Gensler wrote on X (formerly Twitter).
Gensler's resignation announcement came after President-elect Donald Trump had vowed to fire him if elected again. Earlier this month, TRON founder Justin Sun jokingly offered Gensler a job if he wanted to work in the industry he has opposed.
Trump has also promised to overhaul cryptocurrency regulations, targeting both federal agencies and the legal framework. As TinTucBitcoin previously reported, the President-elect is considering three pro-cryptocurrency candidates to replace Gensler.
Furthermore, Trump is said to be planning to create a long-term cryptocurrency advisor position at the White House. Although the details remain vague, his team has reportedly been interviewing candidates for this role.
Overall, with Gensler's resignation, the SEC's stance on cryptocurrencies is likely to shift in a more positive direction. The market has reacted positively to this news, with Bitcoin surpassing $98,000 in the past hour.
