Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), known for his hardline stance on cryptocurrency regulation, will leave the agency on January 20, 2025, he wrote in a post on X yesterday.
Gensler will depart the agency on the same day that newly elected President Donald Trump begins his second presidential term, the post states.
– It has been a life honor to serve on behalf of ordinary Americans and ensure that our capital markets remain the best in the world – Gensler said in a statement.
In July, Trump promised to fire Gensler in an attempt to win over crypto enthusiasts ahead of the U.S. presidential election on November 5.
The President has the authority to select a chairman to lead the SEC, but cannot force a commissioner to leave the agency entirely, as Gensler plans to do in January. Under Gensler’s tenure, which began in 2021, the SEC has taken an aggressive regulatory stance towards the crypto industry, initiating over 100 regulatory actions against various companies.
On November 14, Gensler reiterated his firm stance on crypto, stating that he has sought to force approximately 10,000 tokens that he considers securities to ‘register and provide appropriate disclosure to the public.’ Gensler cited his agency’s approval of spot ETFs as evidence of his willingness to cooperate with the industry, but stated that some cryptocurrency issuers have not adhered to ‘common-sense rules.’
