Anti-crypto Gary Gensler to resign from SEC when Trump takes office

U.S. Securities and Exchange Commission Chairman Gary Gensler announced his resignation, effective January 20, 2025.

Gensler’s departure coincides with the inauguration of President-elect Donald Trump

I will leave my position on January 20, 2025 @SECGov Chair.

A topic 🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

Gensler, who took office in April 2021, called his tenure “the honor of a lifetime,” citing accomplishments such as advancing central clearing in Treasury markets and reforming executive pay standards.

Gary Gensler vs. Crypto

Gensler, a Biden appointee, has been vocal about his skepticism towards crypto regulation. He strongly opposed the FIT21 bill after it was passed in the parliament.

His tenure has taken an aggressive stance against the crypto industry, leading enforcement actions against major platforms such as Coinbase, Binance and Kraken for alleged securities law violations.

The crypto industry views Gensler mostly with skepticism and disappointment. Many believe its strict enforcement approach and classifying most crypto assets as securities stifles innovation and creates legal uncertainty.

Gensler’s tenure has faced bipartisan backlash, particularly over the SEC’s handling of digital assets.

Potential successors include prominent figures in the crypto and finance industries such as former Acting Comptroller of the Currency Brian Brooks and Teresa Goody Guillén, a former SEC attorney.

During Gensler’s tenure, the SEC also approved the first spot Bitcoin (BTC) exchange-traded products, a major milestone for the crypto industry after years of delays. Although the decision was based in part on court rulings, Gensler faced criticism for its initial resistance to these products.

With Trump’s pro-crypto rhetoric gaining momentum, Gensler’s resignation could be a pivotal moment for the crypto industry. The market has seen a significant rise since the news was published.