In a Nov. 21 announcement, the United States Securities and Exchange (SEC) Commission Chair, Gary Gensler, will depart the agency on Jan. 20, 2025.
Gensler will step down as SEC Chair and depart from the agency entirely on Jan. 20, 2025, when President-elect Donald Trump starts his presidential term.
According to the statement, Gensler will depart the agency on the same day that President-elect Donald Trump, who is pro-crypto, commences his second presidential tenure.
Gensler stated, “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.”
In July, Trump committed to “fire” Gensler to appeal to crypto enthusiasts in anticipation of the November 5th US presidential election.
The President can appoint a Chair to lead the SEC; however, he cannot compel a Commissioner to resign, as Gensler intends to do in January.
The SEC has implemented over 100 regulatory actions against industry companies during Gensler’s tenure, demonstrating an aggressive regulatory approach to cryptocurrency.
