SEC Chair Gary Gensler announces resignation effective January 20, marking the end of his contentious tenure in cryptocurrency regulation.
Crypto leaders, including Ripple CEO Brad Garlinghouse, criticized Gensler for his enforcement-driven approach, celebrating his decision to step down.
Speculation about Gensler's replacement centers on former SEC Commissioner Paul Atkins and Robinhood’s Chief Legal Officer Dan Gallagher.
The cryptocurrency industry is celebrating U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s decision to step down. Gensler announced on Thursday that he will officially leave the SEC on January 20, a move welcomed by many in the crypto world. Ripple CEO Brad Garlinghouse, known for his criticism of Gensler, shared a Thanksgiving-related joke about the resignation on social media.
https://twitter.com/bgarlinghouse/status/1859659691883983275
Previously, Garlinghouse had labeled Gensler “the Luddite of his time,” referring to his anti-crypto stance, which many believe stifled financial innovation in the U.S. Ripple co-founder Chris Larsen echoed similar sentiments, going as far as to call Gensler the “worst public servant of all time.”
Crypto Leaders Criticize SEC’s Approach
Under Gensler’s leadership, the SEC initiated numerous enforcement actions against major cryptocurrency firms, including Coinbase and Ripple. This regulatory approach, often described as “regulation by enforcement,” faced significant backlash from the industry.
Coinbase’s Chief Legal Officer Paul Grewal also weighed in, saying, “My mom always told me if I didn’t have anything nice to say, don’t say anything at all. So, I’m just going to sit this one out.” These remarks underline the strained relationship between the SEC and the crypto sector during Gensler’s tenure.
Potential Successors to Lead SEC
Speculation about Gensler’s replacement has already begun. According to reports, former SEC Commissioner Paul Atkins has emerged as a strong candidate, but Robinhood’s Chief Legal Officer Dan Gallagher currently leads betting markets as the frontrunner.
Crypto leaders hope the next SEC chair will adopt a more collaborative and innovation-friendly approach, moving away from strict enforcement tactics that have drawn widespread criticism. However, as the transition unfolds, the industry is closely monitoring who will assume this critical role and how it will impact regulatory policies.
Crypto Industry Sees Hope for Change
The departure of Gensler marks a potential turning point for the cryptocurrency sector, as his tenure has been widely criticized for its aggressive stance against digital assets. Industry leaders anticipate a more constructive regulatory environment under new leadership, which could pave the way for greater innovation and development in the space.
