Gary Gensler will step down as SEC Chairman on January 20, 2025, the agency announced on Thursday.
Since taking office in April 2021, Gensler has led many challenging regulatory initiatives for the cryptocurrency industry. He introduced executive compensation reforms related to corporate performance and tightened investor protection in the cryptocurrency market.
Gary Gensler Is Consistent With His Anti-Cryptocurrency Stance
Gensler’s four-year tenure has been marked by strong enforcement actions against the cryptocurrency industry. Last week, Gensler made comments that were widely interpreted as a farewell. He maintains a controversial stance on cryptocurrency policy.
He has frequently criticized the cryptocurrency industry, describing it as a source of significant friction for investors. Despite his approval of the Bitcoin ETF, this stance still makes him a divisive figure in the field.
Gary Gensler has taken multiple enforcement actions against major companies such as Coinbase, Binance, and Kraken.
Throughout his time at the SEC, Gensler maintained that most cryptocurrencies are securities. He repeatedly urged cryptocurrency companies to comply with current regulations by registering with the agency.
“The SEC is a remarkable agency. The staff and the Committee are dedicated to the mission, focused on protecting investors, supporting capital formation, and ensuring efficient market operations for both investors and issuers,” Gensler write on X (formerly Twitter).
Notification resign Gensler’s statement came after President-elect Donald Trump announced he would fire him if elected again. Earlier this month, Tron founder Justin Sun jokingly offered Gensler a job if he wanted to work in an industry he disapproved of.
Trump also promised comprehensive changes to cryptocurrency regulations, targeting both federal agencies and the regulatory framework. As TinTucBitcoin previously reported, the president-elect is considering three pro-cryptocurrency candidates to replace Gensler.
Furthermore, Trump is reportedly planning to create a permanent crypto advisor position for the White House. Although details remain vague, his team is said to be interviewing candidates for the role.
Overall, with Gensler stepping down, the SEC’s stance on cryptocurrencies is likely to change in a more positive direction. The market has reacted positively to the news, as Bitcoin has surpassed $98,000 in the past hour.