According to last minute information, Gary Gensler, the name that the cryptocurrency industry does not like, will resign on January 20.
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler plans to step down from his post on Jan. 20, ending a tenure defined by ambitious reforms and heated clashes with Wall Street and the cryptocurrency industry.
Gensler praised the organization's mission and the dedication of its employees in a statement today:
“The Securities and Exchange Commission is an extraordinary institution. The staff and the commission are very mission-oriented, focused on protecting investors, facilitating capital formation, and making markets work for both investors and issuers.”
Following Gensler’s departure, the SEC will be headed by an acting chair, with Republican commissioners Mark Uyeda or Hester Peirce taking over the role on an interim basis. The incoming Trump administration is expected to nominate a new chair, signaling a shift in priorities for the agency. The next SEC chair is expected to:
Reversing the focus on hedge funds and private equity, potentially easing public disclosure requirements. Challenging climate risk disclosure rules, many of which are already tied up in court battles.
Reducing sanctions against financial institutions that use unauthorized messaging applications.
Gensler’s approach to cryptocurrencies, marked by strict enforcement and frequent clashes with industry leaders, could see a dramatic shift under new leadership. Critics argue that the SEC under Gensler has failed to adapt decades-old regulatory frameworks to accommodate the growing digital asset class.
*This is not investment advice.