America’s anti-crypto Securities and Exchange Commission (SEC) chairman, Gary Gensler, will resign on January 20, 2025. He has served the United States in the position for more than three and a half years under President Joe Biden’s administration.
Notably, Gensler’s resignation falls on the same date as President-elect Donald Trump’s inauguration as the new U.S. President.
Gensler’s Tenure Comes to an End
According to a recent press release by the SEC, Gensler has helped the agency to make remarkable progress over the years. He helped America attain a higher level of efficiency, resiliency, and integrity. Additionally, he led many law enforcement cases, ensuring that criminals received their punishments while stolen funds were refunded to affected investors and rightful owners.
However, Gensler’s tenure has come to an end as the incoming U.S. President is not pleased with his dealings with the crypto industry. During his campaign, he promised to fire Gensler as one of his steps to ensure that America goes pro-crypto under his regime.
Obviously, Gensler has only shown pessimism for the crypto community and the growing blockchain technology. Consequently, U.S. lawmakers questioned his approach to crypto regulation in a September House Financial Services Committee hearing, labeling him as the most destructive and lawless chair in the agency’s history.
Gensler Expresses Gratitude
Earlier last week, Gensler gave a seeming resignation speech in which he noted to his audience that Bitcoin (BTC), Ether (ETH), and stablecoins are not securities. He also reiterated the many successful battles he has won for the agency against many fraudulent crypto projects.
Moreover, following his official resignation notice, he said, “The Securities and Exchange Commission is a remarkable agency. 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.”
Meanwhile, crypto-enthusiastic Americans believe that Gensler’s resignation will be a big win for the industry. Speculations keep rising as the community expects a new crypto-friendly SEC chair like Dan Gallagher, Ripple’s CLO, to help drive crypto adoption in the U.S. and achieve Trump’s goal of making America the world’s capital of Bitcoin.
