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SEC Chairman Gary Gensler Will Step Down in January 2025

Gensler’s resignation news comes a week after giving a speech at a legal conference that suggested an incoming step down.

Avatar image of Mishael Nwani Mishael Nwani•November 21, 2024
Cumberland

Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), announced via an X post that he will step down from his position as the agency’s chairman on January 20, 2025. Notably, that is the same date when America’s President-elect, Donald Trump, will step in as the 47th President of the United States.

Farewell to Gensler

An accompanying press release by the financial watchdog revealed that Gensler served as its chairman for over three years under President Joe Biden’s administration. The press release added that the regulatory agency grew to a grander level of “efficiency, resiliency, and integrity in U.S. capital markets” under its chair’s leadership.

With Trump’s recent election win, Americans expect a change in government offices, including the SEC. During his campaign, Trump promised to fire Gensler if he became president. He openly expressed displeasure with his administration, especially in his dealings with crypto assets and firms in the United States.

While at the helm of the financial agency, Gensler showed pessimism and distaste for crypto technology and the community in various ways. Prominent among the legal cases it instigated is the case against Ripple, a blockchain payment company building the XRP coin. Gensler’s approach toward crypto assets caused U.S. lawmakers to question his approach to crypto regulation in a September House Financial Services Committee hearing.

Notably, the crypto community across social media platforms like X has expressed excitement about Gary Gensler’s impending resignation.

Gensler’s Resignation Speech

Accepting his fate, Gensler hinted to the public his resignation earlier last week in a legal conference speech. He reminded his listeners that BTC, ETH, and stablecoins are not securities and encouraged the financial agency to follow the old “rules of the road.”

Although Gensler’s replacement has yet to be revealed, market experts expect the pro-crypto president-elect to appoint a crypto-friendly chairperson to lead the financial agency. A previous report suggests that Robinhood’s chief legal officer (CLO), Dan Gallagher, has a higher chance of securing the position by January.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.