On January 20, the Securities and Exchange Commission (SEC) announced that its chair, Gary Gensler, will resign from his position. This paves the way for President-elect Donald Trump to appoint a replacement immediately.
Gensler took over the SEC in 2021 and during his tenure, the commission has taken a bold stance on various regulatory matters, including cryptocurrencies. It is expected that Trump’s pick for the next chair will have a more favorable view towards Wall Street and crypto. SEC commissioners typically serve a five-year term, so Gensler could have remained in his position until 2026.
However, he has chosen to step down, as was widely anticipated. Gensler stated, “The staff and the Commission are dedicated to our mission of protecting investors, promoting capital formation, and ensuring the efficiency of markets for investors and issuers.
It has been a privilege to serve with them on behalf of everyday Americans and work towards maintaining the strength of our capital markets.”
