In a move that came following mounting pressure, Gary Gensler announced he is officially stepping down from his role as US Securities and Exchange Commission (SEC) chairman. Indeed, a press release states that Gensler will depart the agency on January 20th after three years as its chair.
Gensler was first appointed to the position in April 2021 after being nominated by current President Joe Biden. He has succeeded Jay Clayton and has become well-known for his opposition to the cryptocurrency market. Now, with President-elect Donald Trump set to assume his second consecutive term in the White House, he was expected to resign. Gensler has now affirmed those expectations with his decision today.
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Over the last several years, the cryptocurrency industry has struggled with regulatory clarity in the United States. For many within the sector, Gary Gensler was a primary reason why. He had consistently adopted a regulation-by-enforcement approach. That was clearly evident in his years-long battle with Ripple (XRP) and continued lawsuits against other firms.
However, that era has officially come to an end today. Indeed, Gary Gensler has officially announced he is stepping down from his position as SEC Chair after three years of service. The decision was expected, with incoming US President Donald Trump previously expressing his dissatisfaction with Gensler’s job.
Till the end, Gensler was outspoken about his disregard for crypto. Speaking at an event this week, Gensler was clear in his opinion on the 10,000 cryptocurrencies. Specifically, he held firm that most of them are securities.
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“Putting this in context, aside from Bitcoin, Ether, and stablecoins, the rest of this market approximates $600 billion,” Gensler said, according to a report from The Block. “That’s less than 20% of the whole crypto market and less than one-quarter of one percent of the worldwide capital markets.”
Within his resignation announcement, Gensler called his tenure as Chair “an honor of a lifetime,” while championing the merits of the agency. “The SEC has met our mission and enforced the law without fear or favor,” he added. Now, all eyes are on President-elect Trump and who could be set to take Gensler’s place.
