Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), known for his stringent policies on cryptocurrencies, will conclude his term on January 20, 2025, according to an official announcement from the SEC on November 21.
Gensler’s departure coincides with the inauguration of President-elect Donald Trump, who is widely recognized for his strong pro-crypto stance. In his resignation statement, Gensler expressed:
It has been a great honor of my life to serve the American people and help uphold the leading position of U.S. capital markets.
This move comes as no surprise, given Trump’s public declaration in July to dismiss Gensler as part of his strategy to win support from the cryptocurrency investment community ahead of the November 5 election. However, it is worth noting that while the President has the authority to appoint a new SEC chair, they cannot compel an SEC commissioner to resign entirely.
Since his appointment in 2021, Gensler has pursued a hardline approach to cryptocurrency regulation, initiating over 100 lawsuits against companies in the industry. Most recently, on November 14, he reiterated his stance, stating that approximately 10,000 tokens, which he classifies as securities, must register and disclose information.
Related: 10 Crypto Policies Promised by Trump After Election
In stark contrast, President-elect Donald Trump has pledged to transform the U.S. into the “crypto capital of the world” and plans to replace regulatory leadership with individuals more favorable to the industry. Notably, Trump is reportedly considering appointing Summer Mersinger, a Republican commissioner at the Commodity Futures Trading Commission (CFTC) with crypto-friendly views, as the CFTC Chair. Additionally, there is speculation that a new position dedicated to cryptocurrency policy may be created within the White House.
