United States Securities and Exchange (SEC) Commission Chair Gary Gensler, known for his hardline stance on cryptocurrency regulation, will depart from the agency on Jan. 20, 2025, the securities regulator said in a Nov. 21 announcement.
Gensler will leave the agency on the same day crypto-friendly President-elect Donald Trump starts his second presidential term, according to the statement.
“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler said in a statement.
In July, Trump vowed to “fire” Gensler in a bid to woo crypto enthusiasts ahead of the Nov. 5 US presidential election.
The President has the authority to select a Chair to head the SEC but he cannot force a Commissioner to leave the agency entirely, as Gensler plans to do in January.
Under Gensler, the SEC has taken an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against industry companies.