Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has announced that he will step down on January 20, the day of President Donald Trump's inauguration. He confirmed this in a post on the social network X and in an official statement on the SEC website.
Reasons for Resignation
Appointed as SEC Chair in 2021, Gensler was initially expected to serve until 2026. However, his departure aligns with the traditional leadership changes in federal agencies following an administrative transition. Before his victory, Trump had pledged to dismiss the current SEC chair via executive order due to Gensler’s stringent measures against the crypto industry.
Gensler maintained a tough stance on digital assets, describing the sector as "riddled with fraudsters and speculators." Under his leadership, the SEC set records for the number of cases against crypto companies, including actions against the founders of platforms such as FTX and Binance, whose executives faced prison sentences.
The situation shifted dramatically after Trump’s election victory. Cryptocurrency prices, including Bitcoin, soared to historic highs of $99,000. Investors are optimistic that the Republican administration will ease regulations on the industry, which faced intense scrutiny under the Democrats.
Reaction from the Crypto Industry
Many in the crypto industry, including leaders of the Blockchain Association, expressed joy at Gensler’s resignation. They accused him of hindering the sector's growth, favoring legal action over constructive dialogue.
TRON founder Justin Sun offered to assist Gensler in finding new employment while criticizing him for causing significant harm to the U.S. and global economy, as well as to ordinary people. Sun expressed hope that the next SEC chair would bring order to the agency.
“When you took office, people were inspired and full of hope for the future. You seemed like the best thing to happen to this space since your blockchain professorship at #MIT. But it turned out otherwise — you became not just a disappointment to this industry but a blow to our nation,” wrote a user with the nickname NerdNationUnbox under the resignation post.
Another user, ChainlinkP, argued that Gensler failed to protect market participants from real fraudsters, instead stifling innovation. In their view, the SEC chairman’s tenure was a complete failure, setting America back years in crypto development.
New Administration’s Plans
Trump has already promised to make the U.S. the “crypto capital of the world.” His team is expected to focus less on regulatory oversight and more on fostering industry growth. Discussions are also underway about creating a presidential advisor position for cryptocurrency matters.
Gensler’s resignation marks a pivotal moment in cryptocurrency regulation. However, the SEC's policy direction under the new administration remains uncertain.
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