Gary Gensler, Chair of the SEC, will resign
SEC Chair Gary Gensler, known for his tough approach to cryptocurrency regulation, will be stepping down from the agency on January 20, 2025. This announcement was made by the Securities and Exchange Commission on November 21, emphasizing Gensler’s departure coinciding with the start of President-elect Donald Trump’s second term.
During his time as Chair, which began in 2021, Gensler led the SEC to take a firm regulatory stance on crypto, issuing over 100 regulatory actions against companies in the industry. He highlighted the importance of tokens being classified as securities and emphasized the need for proper disclosure to the public.
Despite his departure, Gensler expressed gratitude for the opportunity to serve Americans and maintain the integrity of the capital markets. Trump, who aims to position America as the “crypto capital of the world,” plans to appoint more industry-friendly leaders to regulatory bodies like the SEC and the Commodity Futures Trading Commission.
In summary, Gensler’s impending departure signals a potential shift in regulatory approach, as new leadership is expected to take a different stance on cryptocurrency. Stay tuned for further updates as the transition unfolds.
