By crypto.news | Created at 2024-11-21 18:48:32 | Updated at 2024-11-22 03:50:58
9 hours ago
Gary Gensler, Chair of the U.S. Securities and Exchange Commission, has announced his resignation, effective January 20, 2025.
Gensler’s departure coincides with President-elect Donald Trump’s inauguration
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
Gensler, who assumed office in April 2021, described his tenure as “the honor of a lifetime,” citing achievements such as advancing central clearing in Treasury markets and reforming executive pay standards.
Gary Gensler vs. Crypto
Biden-appointed Gensler has vocally expressed skepticism toward crypto regulation. He came out forcefully against the FIT21 bill after it was passed in the House.
His term was marked by an aggressive stance toward the crypto industry, leading enforcement actions against major platforms like Coinbase, Binance, and Kraken for alleged securities law violations.
The crypto industry mostly views Gensler with skepticism and frustration. Many believe his strict enforcement approach and classifying most crypto assets as securities have stifled innovation and created legal uncertainty.
Gensler’s tenure faced bipartisan pushback, particularly regarding the SEC’s handling of digital assets.
Potential successors include prominent figures in the crypto and financial sectors, such as Brian Brooks, former Acting Comptroller of the Currency, and Teresa Goody Guillén, a former SEC attorney.
During Gensler’s tenure, the SEC also approved its first spot Bitcoin (BTC) exchange-traded products, a major milestone for the crypto sector following years of delays. While the decision was driven partly by a court ruling, Gensler faced criticism for his initial resistance to these products.
With Trump’s pro-crypto rhetoric gaining momentum, Gensler’s resignation could mark a pivotal moment for the crypto industry. The market has already seen a notable uptick since the news broke.
