✨ Gary Gensler to Step Down from SEC After Trump’s Inauguration
posted 22 Nov 2024
On November 21, current SEC Chairman Gary Gensler—a vocal opponent of the cryptocurrency industry—confirmed he would step down on January 20, 2025, the day of Donald Trump’s inauguration.
Gensler’s departure means he is not only relinquishing his role as SEC Chair but also leaving the Commission entirely, effectively ending his ability to influence policy as a commissioner. This departure signals the conclusion of his hardline approach to digital assets.
During his tenure, the SEC pursued legal action against several major crypto companies, including Binance, Binance.US, Coinbase, Kraken, and Shapeshift, alleging they operated as unregistered securities brokers and clearinghouses.
Additionally, under Gensler, the SEC delayed the approval of cryptocurrency ETFs for years. While some Bitcoin ETFs were finally approved during his time in office, his repeated lawsuits and stringent reviews hindered their progress.
Until January 20, 2025, Gensler will continue to fulfill his duties. This gives him two more months to potentially advance new cryptocurrency-related regulations. The SEC remains under Democratic control, with three of its five commissioners aligned with the party.
The identity of the next SEC Chair remains unclear. Speculation centers on several candidates, including current Republican SEC commissioners Mark Uyeda and Hester Peirce, blockchain attorney Teresa Goody Guillén, and Robinhood’s legal counsel Daniel Gallagher.
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