SEC Chairman Gensler has announced his resignation, but the new SEC chairman will face scrutiny from the U.S. Senate, and any nominee must be confirmed by the Senate. The SEC announced Gensler's departure in a press release. During his tenure, the SEC filed lawsuits against several popular Web3 protocols and exchanges, including Coinbase, Uniswap, Metamask developer Consensys, blockchain video streaming platform LBRY, etc. These lawsuits have been criticized by many cryptocurrency users and investors.