Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, will resign on January 20 as President-elect Donald Trump's administration takes office. His term, which included conflicts with the cryptocurrency industry, will end, the agency announced on Thursday.
“I thank President Biden for entrusting me with this tremendous responsibility. The SEC has fulfilled its mission and enforced the law without fear or favor,” Gensler said, according to Reuters.
Commissioner Jamie Ligarazza issued a statement saying, “In the 25 years that I have known and worked with Gary, he has demonstrated unwavering commitment to public service. At the SEC, he has pushed for an agenda to enhance investor protection and the resilience of our capital markets. I am proud of all that we have achieved together on behalf of the investing public and wish him the very best in his future endeavors.”
The cryptocurrency community celebrates
Gensler's resignation marks a significant moment for the cryptocurrency community, which has long criticized his leadership for his tough stance on digital assets. His term at the SEC was marked by controversial actions against major cryptocurrency companies such as Ripple, Coinbase, and Kraken, leading to increased tensions between the SEC and the cryptocurrency industry.
This announcement has sparked optimism among cryptocurrency supporters, with many expressing hope that a new, more crypto-friendly leadership will open the door to clearer regulations and innovation opportunities. While Gensler's departure does not mark the end of challenges for the industry, it represents a significant step towards a potentially more favorable environment for the development and regulation of cryptocurrency.
With Bitcoin prices nearing the $100,000 mark, the timing of this change has fueled speculation about a new era for the cryptocurrency space, signaling political and financial changes that could shape the future of digital currency in the U.S.
