SEC Chairman Gary Gensler, known for his tough stance on crypto regulation, will step down on January 20, 2025, the financial regulator announced in a statement on November 21.

Gensler is set to leave the agency on the same day that President-elect Donald Trump, a known proponent of cryptocurrencies, begins his second term, according to the statement.

“It has been a great honor to work with them on behalf of ordinary Americans and to ensure that our capital markets remain the best in the world,” Gensler said in a statement.

Trump had vowed in July to “fire” Gensler in an attempt to woo crypto supporters ahead of the November 5 U.S. presidential election.

The president has the power to choose a new SEC chairman, but he cannot force the commissioner to leave the agency entirely, as Gensler plans to do in January.