Securities and Exchange Commission Chair Gary Gensler announced Thursday that he will resign Jan. 20, 2025, coinciding with the inauguration of President-elect Donald Trump.
Gensler's tenure has been marked by a stringent regulatory approach toward cryptocurrencies, drawing criticism from the industry.
What Happened: "I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor," Gensler said in a press release on Thursday.
Appointed on Apr. 17 2021, Gensler brought extensive experience from his previous role as chair of the Commodity Futures Trading Commission.
His leadership at the SEC was characterized by a firm stance on digital assets, emphasizing investor protection and market integrity.
Gensler frequently likened the cryptocurrency market to the "Wild West," advocating for comprehensive oversight.
He asserted that many digital assets functioned as securities and should be regulated accordingly.
Under his direction, the SEC initiated numerous enforcement actions against major crypto entities, including lawsuits against Coinbase and Binance for allegedly operating unregistered securities exchanges.
This rigorous approach faced opposition from industry stakeholders and some lawmakers, who argued that it stifled innovation and lacked clear regulatory guidelines.
In November, the American Securities Association called for Gensler's immediate resignation, citing concerns over his regulatory methods.
Trump has been vocal about his intention to replace Gensler, criticizing his handling of cryptocurrency regulation.
Earlier in July, Trump said, "I will fire Gary Gensler on day one," signaling a potential shift in the SEC's approach to digital assets under the incoming administration.