Gary Gensler will step down as the Chair of the SEC on January 20, 2025. Since his appointment in April 2021, he has led several tough regulatory initiatives aimed at the cryptocurrency industry. These included reforms to executive compensation and enhanced protections for investors in the crypto markets.
Throughout his four-year tenure, Gensler maintained a strong stance against the crypto sector, becoming a polarizing figure despite approving Bitcoin ETFs. He viewed the crypto industry as a significant source of investor harm and enforced actions against major players like Coinbase, Binance, and Kraken.
His announcement of leaving comes after President-elect Donald Trump’s vow to dismiss him if reelected. Trump plans to introduce changes in crypto regulations, considering pro-crypto candidates for Gensler's replacement and creating a permanent crypto advisor position in the White House.
With Gensler's resignation, industry insiders expect a shift in the SEC's approach to cryptocurrencies, potentially becoming more favorable. This anticipation has already positively impacted the market with Bitcoin surging past $98,000.