US Securities and Exchange Commission (SEC) Chair Gary Gensler has announced that he will resign from the agency on January 20, 2025, following the recent US elections that saw Donald Trump win. Gensler’s departure was expected due to Trump’s promise to fire him “on day one” of his presidency. Upon his exit, the value of several cryptocurrencies rose sharply, with Solana and XRP increasing more than 10% and Ethereum up 5%.
Gensler took over as SEC chair in April 2021 and was known for his enforcement-based approach to regulating cryptocurrencies, filing multiple cases against top crypto companies. He also continued the lawsuit against Ripple that his predecessor had filed in December 2020.
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