SEC Chairman Gary Gensler to Step Down in January

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Gary Gensler, the current Chair of the Securities and Exchange Commission, announced his resignation on Thursday, effective Jan. 20. This paves the way for President-elect Donald Trump to select his replacement immediately.

Gensler has been in charge of the SEC since 2021 anded bold strategies on various regulatory issues, including those concerning cryptocurrencies. It is anticipated that Trump’s pick for the position will be more sympathetic towards Wall Street and the crypto industry.

Typically, SEC commissioners hold their position for a five-year term, giving Gensler the option to stay until 2026. However, he has chosen to leave the agency altogether, as was widely predicted.

In a press release, Gensler praised the SEC staff’s dedication to their mission to protect investors, promote capital formation, and ensure functioning markets for both investors and issuers. He expressed gratitude for the opportunity to serve alongside them on behalf of the general public and to uphold the US capital markets as a global example.