Quick take:
- The outgoing SEC chair was appointed by President Joe Biden on April 17, 2021.
- Biden withdrew from the November 4, election which Trump won, paving the way for what he promised would be a crypto-friendly administration.
- One of Trump’s pre-election promises was to fire SEC chair Gary Gensler on day one.
Gary Gensler has announced he will be stepping down from his position as the Chair of the Securities and Exchange Commission (SEC) on January 20.
Announcing the decision via a press release posted on its website, the SEC credited Gensler for implementing “reforms to enhance efficiency, resiliency, and integrity in U.S. capital markets,” adding that during his tenure, the “agency held wrongdoers accountable and returned billions to harmed investors.”
Gensler’s reign as SEC chair saw multiple lawsuits filed and charges against crypto companies including the likes of Binance, Coinbase, Uniswap and Robinhood’s crypto business unit.
Some of them like Coinbase hit back with their own lawsuits against the U.S. capital markets regulator, blaming it for “gross abuse of power” and “trying to destroy the crypto market.”
But not all was doom and gloom, especially this year, with the SEC approving the listing of multiple Spot Bitcoin and Spot Ethereum ETFs, which sparked the industry’s recovery between January and March, spearheaded by Bitcoin.
Gensler’s resignation paves the way for Trump’s pro-crypto agenda to begin taking shape. Several pro-crypto candidates have already been linked with the SEC Chair’s position, but most important is the fact that Trum[p’s first promise of removing Gensler has been fulfilled.
Commenting on his exit from the commission, Gensler said in a statement: “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike.”
“It has been an honour of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Biden also posted on his X account thanking President Biden for entrusting him with the position.
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