SEC Chairman Gensler to Resign; Bitcoin Hits New Record
Investing.com - Securities and Exchange Commission Chairman Gary Gensler will step down on Jan. 20, the SEC announced Thursday, as many expect President-elect Donald Trump's appointment to be chairman will take a friendly approach to Wall Street and cryptocurrencies .
Gensler, who took over the SEC in 2021, has been widely criticized for his tough stance on crypto regulation that many believe hinder progress.
Eighteen states in the United States recently filed a lawsuit against the SEC and Gensler, accusing the agency of “excessive government action” against the crypto industry.
The SEC chief will step down at a time when crypto is in rally mode, with $BTC hitting a new record of $99,388 in a recent trading session and inching closer to $100,000.
Although Trump has yet to announce his pick to lead the SEC, the next chairman is widely believed to take a more crypto-friendly stance as the president-elect has vowed to make the US the cryptocurrency capital of the world.
In a further sign of Trump's support for crypto, the president-elect is considering whether to create a new role in the White House dedicated to cryptocurrency policy, Bloomberg reported on Wednesday.