Reports suggest that US Securities and Exchange Commission (SEC) Chairman Gary Gensler may resign before Donald Trump takes office next January.
Speculation about Gensler’s resignation is increasing as the Cryptocurrency community strongly criticizes his leadership role at this regulatory agency.
Gensler May Resign From SEC Before January
On November 15, Fox Business reporter Eleanor Terrett hinted that Gensler might announce his resignation exclusively after Thanksgiving.
“It is a mystery when he will announce his resignation, but information in Washington circles suggests he will likely announce after Thanksgiving his intention to leave his position in early January before Trump Takes Office,” Terrett speak.
Notably, Gensler’s own recent statements have further increased speculation. In his November 14 speech, he expressed pride in the work he did at the SEC, highlighting the agency’s efforts to protect American investors. The speech also included reflections on his tenure, leading some to suggest it was a farewell message.
“I am proud to work alongside colleagues at the SEC who protect American families on the financial highways every day,” Gensler wrote.
Under his leadership, the SEC approved the first Cryptocurrency-traded ETF, which Gensler described as a major step forward. He sees this as a departure from previous administrations that blocked similar advances.
However, his tenure was heavily criticized from the Cryptocurrency sector. Tyler Winklevoss, co-founder of Gemini, accused Gensler of harming the industry by being too rigid in its regulatory practices. Winklevoss said Gensler prioritized personal ambition over fair regulation, and described his actions as intentional and hurtful.
Winklevoss warns the Crypto community to stay away from Gensler in the future, stated:
“No apology can undo the damage 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 not being used to protect them but instead being abused by politicians to get ahead.”
The SEC under Gensler has pursued high-profile enforcement actions against major Cryptocurrency companies such as Binance, Coinbase, and Ripple. Critics say this coercive strategy stifles innovation and creates an adversarial relationship between regulators and industry.
All Eyes Turn to Gensler’s Successor
As speculation of Gensler’s resignation increases, attention is turning to a potential successor under the Trump administration. Possible candidates include Robinhood Chief Legal Officer Dan Gallagher, former SEC Chief Legal Counsel Bob Stebbins, and current Republican SEC Commissioner Mark Uyeda.
Although Gallagher appeared reluctant to accept the role, former SEC Chairman Jay Clayton supported Stebbins. Other contenders are said to include Brad Bondi, Paul Atkins, Heath Tarbert and Norm Champ.
The next SEC Chairman will inherit a divided regulatory landscape and face the challenge of mending a strained relationship with the Cryptocurrency industry. As the sector continues to evolve, the SEC’s strategy under new leadership will play a key role in shaping the future of Cryptocurrency in the United States.
