According to The Block, Gary Gensler plans to resign on January 20, 2025, with the announcement made by the U.S. Securities and Exchange Commission (SEC) on Thursday.
During his tenure as SEC chairman, Gensler pushed for central clearing in the government bond market, implemented changes linking executive pay to performance, and continued to work on protecting investors in the crypto market.
In a statement, Gensler said it was "a lifetime honor" to work with his colleagues at the SEC. He said, "Thank you to President Biden for entrusting me with this significant responsibility. The SEC has carried out our mission and enforced the law with a fearless and selfless attitude. I have greatly enjoyed working with my colleagues, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also want to thank Congress, my colleagues in the U.S. government, and regulators around the world."
Gensler, who has served as SEC chairman since April 2021, has pushed for central clearing in the government bond market, implemented changes linking executive pay to performance, and continued to focus on protecting investors in the crypto market.
After enforcement actions against major industry players including Coinbase, Binance, and Kraken, Gensler became a target for some in the crypto industry.
The SEC stated on Thursday: "According to data from the SEC Office of Inspector General, 18% of SEC tips, complaints, and referrals in the past full fiscal year were related to crypto, although the crypto market accounts for less than 1% of U.S. capital markets." The SEC further stated: "The courts have repeatedly upheld the Commission's actions to protect investors, dismissing all arguments that the SEC cannot enforce laws when securities are offered, regardless of their form."
Gensler has long believed that most cryptocurrencies meet the definition of securities and has urged crypto companies to register with the SEC. However, some in the crypto industry have pushed back, claiming that registering with the SEC is nearly impossible, partly because the relevant rules were designed for more traditional entities, which are different from the digital asset industry.
Gensler's resignation announcement came after President Donald Trump, who was elected, promised to fire him if elected. Trump's presidential term will begin on January 20.