Securities and Exchange Commission Chairman Gary Gensler announced his decision to step down on Inauguration Day, allowing President-elect Donald Trump to appoint a successor who may have a more favorable stance towards the crypto industry. Gensler's term was not set to expire until 2026, but it is customary for SEC chiefs to resign when a new administration assumes power.
Throughout his time as chairman, Gensler took a tough regulatory approach that often clashed with the crypto industry's interests. The crypto sector had thrown its support behind Trump during the 2024 election, hoping for a more lenient regulatory environment. Following Gensler's announcement of his departure, Bitcoin experienced a surge in value, reflecting the market's optimism about potential changes in regulatory oversight.
In a statement expressing gratitude to President Biden for the opportunity to serve, Gensler highlighted the SEC's commitment to upholding the law impartially. The agency's accomplishments under his leadership included taking enforcement actions against crypto companies involved in fraudulent activities and other forms of misconduct.
