U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is leaving the regulatory agency after nearly four years in office, paving the way for an immediate replacement by President-elect Donald Trump.
The SEC became known for regulating through enforcement under Gensler’s leadership.
During Gensler’s term, the securities watchdog launched high-profile enforcement actions against many crypto players, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Gensler is stepping down on Trump’s inauguration day.
Says the SEC in a statement,
“The Securities and Exchange Commission today announced that its 33rd Chair, Gary Gensler, will step down from the Commission effective at 12:00 pm on January 20, 2025. Chair Gensler began his tenure on April 17, 2021, in the immediate aftermath of the GameStop market events.”
The SEC says that with Gensler at its helm, the agency continued the work started by former chair Jay Clayton to protect investors in the crypto markets.
“During Chair Gensler’s tenure, the agency brought actions against crypto intermediaries for fraud, wash trading, registration violations, and other misconduct… Court after court agreed with the Commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form.”
In a series of posts on social media platform X, Gensler announced his resignation and expresses his appreciation to the SEC and its staff.
“The staff comprises true public servants… 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.”
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