In January, on the day Donald Trump officially becomes president, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC) and a vocal critic of the cryptocurrency industry, will step down from his position.
Not only will he no longer serve as the head of the main securities regulator, but he will also not continue as a commissioner, meaning he will not be able to defend his regulatory policies, which have taken a tough stance against crypto.
According to a press release from the SEC, Gensler’s resignation will be effective at noon on Jan. 20, the moment President-elect Trump is sworn in. In a statement, Gensler praised the SEC as a “remarkable agency” and acknowledged the dedication and mission-driven focus of the staff in protecting investors and maintaining the integrity of the markets.
He also expressed gratitude to President Joe Biden and his fellow commissioners for the opportunity to serve. During his tenure, which began in April 2021, Gensler oversaw numerous enforcement actions and rulemakings that directly affected the crypto industry.
While many had hoped for a more lenient approach from Gensler, the SEC continued to escalate its enforcement efforts, shifting its focus from targeting crypto issuers, as it had under former SEC Chair Jay Clayton during Trump’s presidency, to taking legal action against crypto trading platforms.
