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Gary Gensler He will step down as chairman of the SEC on January 20, 2025, the same day President-elect Donald Trump takes office, according to the SEC. statement.
Gensler began his tenure in the position in April 2021 and said his time at the SEC has been an “honor.” He added that The SEC is a “wonderful agency” that says:
“The staff and committee are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that markets work for the benefit of investors and issuers alike. The staff includes true public servants. It has been a lifelong honor to serve with them on behalf of ordinary Americans And to ensure that our capital markets remain the best in the world.
Among the 20 largest cryptocurrencies by market capitalization, XRP It recorded the most significant gains after the news and was up nearly 4% over the past 24 hours as of press time.
Gensler led enforcement actions against cryptocurrency companies, including major exchanges, during his tenure. Under his leadership, the SEC has sued prominent exchanges such as Binance, Coinbaseand KrakenIt accused them of acting as unregistered securities brokers and clearing houses.
Gensler also chaired the final approval of instant Bitcoin (Bitcoin) and Ethereum (ETH) exchange-traded funds (ETFs) in the United States. He had initially opposed the products, claiming they would promote manipulation in cryptocurrency markets.
However, on August 29, 2023, The US Court of Appeals for the District of Columbia Circuit ruled in favor Grayscale In the lawsuit filed over the conversion of the Bitcoin Trust into an instant Bitcoin ETF.
The decision claimed that the SEC’s repeated argument of market manipulation without further explanation was “arbitrary and capricious” and violated federal administrative law.
As Gensler prepares to step down, President-elect Donald Trump She has not yet nominated a successor, leaving the committee evenly divided between Democrats and Republicans.
Among the names selected for the position are former Binance.US CEO Brian Brooks, Robinhood Chief Legal Officer Dan Gallagher, and Paul Atkins, the former SEC commissioner who currently heads consulting firm Patomak Global Partners, and the SEC commissioner. Hester Pierce.
