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Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), announced in an X post on Thursday that he will step down on January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.
His resignation signals a potential shift in the regulatory stance toward cryptocurrency, as the incoming administration is anticipated to adopt a more favorable approach to the industry.
His tenure has been characterized by a robust enforcement approach to securities laws, with a particular focus on the cryptocurrency industry. Reflecting on his role, Gensler stated, “It has been an honor of a lifetime to serve… and ensure that our capital markets remain the best in the world.”
Gensler, who has led the SEC since April 2021, has been a polarizing figure in the financial sector.
High-profile cases included lawsuits against Coinbase and the legal dispute with Grayscale Investments, where the SEC’s attempt to block Bitcoin exchange-traded funds (ETFs) was overturned by the courts.
Under Gensler, the SEC initiated over 100 enforcement actions against crypto companies, addressing issues such as unregistered securities offerings, fraud, and wash trading.
He added that his efforts were directed toward protecting investors and maintaining the SEC’s high standards.
He spearheaded efforts to reduce the settlement cycle for stock trades to one day, modernize equity market rules for the first time in two decades, and strengthen disclosure requirements around corporate governance, cybersecurity, and climate risks.
Beyond cryptocurrency, Gensler’s leadership introduced reforms to strengthen the integrity and efficiency of U.S. capital markets.
However, Gensler’s tenure was not without controversy.
Under his leadership, the PCAOB successfully negotiated agreements with Chinese authorities to inspect and investigate audit firms linked to China-related companies listed in the U.S., improving investor confidence in cross-border financial activities.
One of Gensler’s notable achievements was bolstering the Public Company Accounting Oversight Board (PCAOB).