The Securities and Exchange Commission (SEC) has announced that Gary Gensler, its 33rd Chair, will resign from his position effective January 20, 2025, at noon. Gensler has held the role since April 17, 2021, guiding the agency during a pivotal period for U.S. financial markets. The latest declaration has led to a stream of joy across the crypto space as advocates hope SEC’s anti-crypto crusade to end in Donald Trump’s administration.
Gary Gensler Resigns from SEC
Gensler’s appointment came shortly after the GameStop trading frenzy, a time when the SEC faced increased scrutiny over market integrity and retail investor protections. Under his leadership, the agency undertook an ambitious rulemaking agenda aimed at enhancing the resilience, transparency, and fairness of U.S. capital markets, according to a press release shared by the agency today.
The release also mentioned that his tenure also saw significant enforcement actions, resulting in the recovery of billions of dollars for affected investors. However, his strong anti-crypto stance and actions against crypto firms tell another story.
Moreover, Gensler’s recent move is seen as a way to “save face” as president-elect Trump previously pledged to fire the SEC Chair on the first day of entering White House. Hence, on the day Trump will enter the White House, i.e., January 20, Gensler will now be walking away on his own to save himself from such humiliation.
Reflecting on his time at the SEC, Gensler expressed admiration for the agency and its staff. “The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike.”
He highlighted the dedication of the agency’s workforce, describing them as “true public servants.” Gensler added, “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Gensler also extended his gratitude to President Joe Biden for appointing him to the role, stating, “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor.”
He acknowledged the collaboration of his fellow commissioners, including Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. Whilst, he also spotlighted support from Congress, U.S. government agencies, and international regulators.
In a series of posts on X, formerly Twitter, Gensler reaffirmed his sentiments. He announced, “On January 20, 2025, I will be stepping down as SEC Chair,” and reiterated his praise for the SEC’s staff and mission. He emphasized the importance of the agency’s role in safeguarding investors and ensuring robust financial markets.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
“The SEC is a remarkable agency,” he wrote, adding that it was a privilege to work with “true public servants” to uphold the integrity of U.S. capital markets. Gensler’s leadership has been marked by a strong focus on accountability and investor protection, themes he has championed throughout his career.
His departure marks the end of nearly four years at the helm of the SEC. Nonetheless, he faced massive criticism for his enforcement approach against the crypto industry. Also, now, netizens expect a pro-crypto SEC Chairman to replace Gensler.
Also Read: Influencer Guesses Gensler Will Join Crypto Banks Post SEC Exit
Credit: Source link
