SEC Chairman Gary Gensler announced Thursday he will step down from his position on January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. The departure of the Securities and Exchange Commission’s 33rd chairman comes amid rising cryptocurrency values and significant policy differences with the incoming administration.
Anti-Crypto SEC Chairman Set to Resign as Trump Takes Office
During his tenure since 2021, Gensler implemented substantial reforms in financial markets, including measures to strengthen investment fund resilience and reduce stock trade settlement times.
While his term was set to run until 2026, Gensler’s voluntary departure follows the tradition of agency leaders stepping down during administrative transitions. Trump, who had promised to fire Gensler “on day one” despite lacking direct authority to do so, has already begun assembling a crypto-friendly Cabinet, including the appointment of Howard Lutnick as Commerce Secretary.
Gensler’s leadership was marked by an aggressive crackdown on the cryptocurrency industry. Last year, he overseeing a record 46 enforcement actions against crypto companies. His tenure saw successful prosecutions of major industry figures, including the jailing of FTX founder Sam Bankman-Fried and Binance’s Changpeng Zhao. In a September BBC interview, Gensler characterized the crypto industry as being “rife with fraud and hucksters and grifters.”
Bitcoin Hits All-Time High
The cryptocurrency market has responded dramatically to the leadership change, with Bitcoin reaching an all-time high of $99,502.92 on Thursday. The digital currency currently trades at $98,373.40, with a market capitalization of $1.95 trillion and a 24-hour trading volume of $95.85 billion. Community sentiment remains strongly bullish, with 79% of traders expressing optimism about the market’s direction.
The crypto industry, which became 2024’s largest corporate campaign donor, has invested heavily in shaping its regulatory future, contributing at least $119 million to crypto-friendly Congressional candidates.
Kristin Smith, chief executive of the Blockchain Association, expressed enthusiasm about Gensler’s departure but criticized his litigation-heavy approach to industry oversight. Trading activity remains robust across major exchanges, with Bitcoin’s open interest reaching a new record of $63.50 billion.
Neither Tim Fries, the author, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
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