SEC Chairman Gary Gensler Announces He is Stepping Down

On November 21, the United States Securities and Exchange Commission (SEC) announced that Gary Gensler, known for his tough stance on cryptocurrency regulation, will resign from his position as chair on January 20, 2025. This date also marks the start of President-elect Donald Trump’s second term, who has expressed support for cryptocurrency.

In a statement, Gensler expressed gratitude for the opportunity to work alongside his colleagues in ensuring the stability and success of the American capital markets. This comes after President Trump’s promise to replace Gensler in an effort to win over the crypto community before the presidential election on November 5th.

While the president has the power to select a new chair for the SEC, he cannot force a commissioner to leave the agency. However, Gensler has announced his plan to depart from the agency entirely in January.

Throughout his time as chair, which began in 2021, the SEC has taken a strict approach to regulating the crypto industry, resulting in over 100 regulatory actions against companies in the space.