- Gary Gensler will step down on January 20, 2025.
- Solana, XRP among cryptocurrencies to spike amid the news.
US Securities and Exchange Commission Chair Gary Gensler has announced his resignation from the agency effective January 20, 2025.
Gensler announced his exit from the Commission in a press release on Thursday, Nov. 21, with this coming a few weeks after the US elections that saw Donald Trump win.
During the campaigns, Trump promised to fire the vastly unpopular and highly-criticised SEC chair “on day one” of his presidency. The crypto industry largely expected his exit.
The news of his exit saw several cryptocurrencies rise sharply, with Solana and XRP jumping more than 10% to $257 and $1.20 respectively. Ethereum was up 5% to $3,359 while Bitcoin hovered above $98,000.
Gensler to step down
Gary Gensler took over as the SEC chair on April 17, 2021, taking the helm as the securities market’s chief following appointment by the Joe Biden administration. In the press release announcing his departure, he wrote:
“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. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.”
Gensler also posted about his resignation in a thread on X.
One of the things the SEC came to be known for under his tenure was the regulation by enforcement approach that threatened to cripple the US crypto industry.
The SEC filed multiple cases against top crypto companies, including Coinbase, Binance and Kraken. Gensler also continued the lawsuit his predecessor filed against Ripple in December 2020 – which the regulator ultimately lost.
Gensler also came under fire following the dramatic collapse of FTX, which imploded in November 2022 and has seen five ex-FTX officials jailed or sentenced to time served.
