• SEC Chair Gary Gensler to step down on January 20, 2025 as Trump signals pro-crypto agenda
• During his tenure, Gensler led efforts to rein in the crypto industry and argued most cryptocurrencies qualify as securities
• Gensler’s departure comes after President-elect Trump pledged to fire him if elected
Gary Gensler, chair of the US Securities and Exchange Commission (SEC), is leaving his position after leading efforts to regulate the crypto industry. His departure comes as President-elect Donald Trump has pledged to be more crypto-friendly.
Gensler’s Tenure at the SEC
Gensler was appointed SEC chair in April 2021. During his tenure, he pushed for central clearing in Treasury markets, changed rules around executive compensation, and continued efforts to protect crypto investors. He drew criticism from some in crypto for enforcement actions against major industry players.
Reasons for Departure
Gensler announced he will leave on January 20, 2025 in a statement on November 21, 2024. He thanked President Biden for the opportunity to lead the agency. Gensler’s departure comes after President-elect Donald Trump said he would fire Gensler if elected. Trump’s term starts on January 20th.
Industry Response
Some in crypto see Gensler’s departure as positive given his tough stance on the industry. Gensler maintained most cryptocurrencies are securities and said crypto firms should register with the SEC. The industry argued existing rules don’t fit digital assets.
Conclusion
The crypto industry has welcomed the impending leadership change at the SEC under President-elect Trump. Gensler’s efforts to regulate crypto markets were controversial though courts largely agreed with the SEC’s actions. It remains to be seen whether a new chair will take a different approach to overseeing the crypto space.
