Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), 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 tenure, 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 will resign on Trump’s inauguration day.
The SEC said in a statement:
“The Securities and Exchange Commission today announced that its 33rd Chairman, Gary Gensler, will resign from the Commission, effective January 20, 2025, at noon. Chairman Gensler began his term on April 17, 2021, in the immediate aftermath of the GameStop market events.”
The SEC says the agency, with Gensler at the helm, has continued the work started by former Chairman Jay Clayton to protect investors in the crypto markets.
“During Chairman Gensler’s tenure, the agency has taken action 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 traded. are offered – in whatever form.”
In a series of posts on social media platform X, Gensler announced his resignation and expressed his appreciation for the SEC and its staff.
“The staff is made up of real public servants… It has been the honor of a lifetime to serve alongside them on behalf of everyday Americans and ensure our capital markets remain the best in the world.”
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