Gary Gensler will step down as SEC chairman on January 20, 2025, according to an announcement made by the agency on Thursday (21).
Since taking office in April 2021, Gensler has spearheaded several challenging regulatory initiatives for the crypto industry. He introduced executive compensation reforms tied to the performance of crypto companies and strengthened investor protections.
Gary Gensler and his stance against the crypto industry
Gensler’s four-year tenure has been marked by strong enforcement actions against the cryptocurrency market. Last week, the SEC chairman made comments that were widely interpreted as a farewell. However, he has stood firm on his controversial cryptocurrency policies.
He has consistently criticized the industry, describing it as a source of “significant harm to investors.” Despite his endorsement of the launch of Bitcoin ETFs, this stance has made him a divisive figure in the industry.
This is because he has taken several enforcement actions against major players such as Coinbase, Binance, and Kraken. Furthermore, Gensler has maintained that most cryptocurrencies are securities. He has repeatedly urged crypto companies to comply with existing regulations by registering with the agency.
The SEC is an incredible agency. The team and Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that markets work for investors and issuers alike, Gensler wrote on X (formerly Twitter).
Gensler's departure comes after President-elect Donald Trump vowed to fire him if he is reelected. Earlier this month, Tron founder Justin Sun jokingly offered Gensler a job if he wanted to work in the industry he disapproved of.
Additionally, Trump has promised sweeping changes to cryptocurrency regulations, targeting federal agencies and legislative frameworks. In this regard, the president-elect is considering three pro-crypto candidates to replace Gensler.
Trump is reportedly planning to create a permanent cryptocurrency advisor position for the White House. While details remain vague, his team has reportedly been interviewing candidates for the role.
Overall, with Gensler’s resignation, the SEC’s stance on cryptocurrencies is likely to change for the better. The market has already reflected positively on this news, as Bitcoin has surpassed $98,000 in the last hour.
The article Gary Gensler announces departure from SEC; market reacts with high was seen for the first time on BeInCrypto Brasil.
