SEC Chair Gary Gensler to step down in January
Gensler's tenure as SEC chair drew criticism over his regulatory approach to crypto and digital assets
SEC's Gary Gensler has created a ‘hostile regulatory environment’ towards crypto: Rep. French Hill
Rep. French Hill, R-Ark., discusses the U.S. debt deficit as Elon Musk and Vivek Ramaswamy spearhead the Department of Government Efficiency, states suing the SEC over its crypto crackdown and government's regulatory efforts.
Securities and Exchange Commission (SEC) Chair Gary Gensler on Thursday announced the timeline for his departure from the regulatory agency he's led for more than three years.
Gensler will resign from the SEC at noon on Jan. 20, 2025, with his departure set to occur on Inauguration Day, at the time President-elect Trump is sworn in as the nation's 47th president. Gensler's term as an SEC commissioner was due to expire on June 5, 2026.
SEC chairs are appointed by the president, and Gensler's resignation will afford President-elect Trump the opportunity to nominate Gensler's long-term successors. In recent presidential transitions, sitting SEC chairs who are from the opposite party of the incoming president have resigned on or before Inauguration Day to allow that process to play out.
"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. The staff comprises true public servants. 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."
BITCOIN SURGES TO A NEW RECORD HIGH, TOPPING $84,000
SEC Chair Gary Gensler announced that he will step down when the Trump administration takes office on Jan. 20, 2025. (Andrew Caballero-Reynolds/AFP via Getty Images / Getty Images)
"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," Gensler said, while also expressing gratitude to his fellow SEC commissioners and others in Congress and regulatory agencies.
Gensler faced criticism over his approach to regulating the digital assets sector amid the emergence of cryptocurrencies and non-fungible tokens (NFTs) in recent years. Under his leadership, the SEC brought enforcement actions against a number of crypto firms and other entities in the digital assets space as part of a push to root out bad actors.
CRYPTO INDUSTRY ELECTION SPENDING TALLIES AT LEAST $238M, SURPASSING TRADITIONAL GIANTS
The SEC's oversight of crypto and the digital assets sector under Gensler's leadership drew criticism. (Kevin Dietsch/Getty Images / Getty Images)
Critics argued the agency was too aggressive in its oversight of the emerging industry and threatened to stifle its growth.
Gensler's regulatory approach prompted Trump to pledge to remove him as SEC chair during the campaign, while Vice President Kamala Harris opted against taking a stance on whether he would remain in the role despite calls from some of her supporters to do so.
O'LEARY DETAILS WHY THE US NEEDS A CRYPTO CZAR: 'WE'VE GOT TO STOP THESE SHENANIGANS'
Gensler has served as SEC chair since April 2017. (Andrew Harrer/Bloomberg / Getty Images)
Early in 2024, the SEC under Gensler approved the first spot bitcoin exchange-traded funds (ETFs) that track the price of the cryptocurrency, including those offered by a variety of financial firms. The first batch of approvals included 11 spot bitcoin ETFs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST - USD ACC | 56.45 | +0.55 | +0.97% |
| EZBC | FRANKLIN BITCOIN ETF - USD DIS | 57.68 | +0.68 | +1.19% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND - USD ACC | 87.06 | +1.18 | +1.37% |
| BTC | GRAYSCALE BITCOIN MINI TRT ETF BITCOIN MINI TRUST BTC ETF | 44.19 | +0.59 | +1.35% |
| BTCW | WISDOMTREE BITCOIN FUND - USD ACC | 105.52 | +1.23 | +1.18% |
| HODL | VANECK BITCOIN TRUST - USD DIS | 112.50 | +1.39 | +1.25% |
Over the summer, the SEC granted approval for stock exchanges to begin listing the first spot Ethereum ETFs that track the price of the ether cryptocurrency.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump has yet to nominate Gensler's successor at the SEC, though he may put forward the nomination. The Senate Banking Committee has jurisdiction over SEC nominees.