Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), who is known for his tough policies in the cryptocurrency sector, will end his term on January 20, 2025. This information was officially announced by the SEC on November 21.
The timing of Gensler's departure coincides with the inauguration of President-elect Donald Trump – who is known for his strong support of the cryptocurrency industry. In his resignation announcement, Gensler expressed:
Serving in the interests of the American people and contributing to maintaining the leading position of the US capital markets is a great honor in my life.
This move is not surprising as Trump has publicly expressed his intention to fire Gensler since July in order to garner support from the cryptocurrency investment community ahead of the November 5 election. However, it is noteworthy that while the President has the power to appoint a new chairman, he cannot force a SEC commissioner to resign completely.
Looking back at his term since 2021, Gensler has pursued a strict regulatory policy towards cryptocurrencies, with over 100 lawsuits targeting businesses in the industry. Most recently, on November 14, he reiterated this stance by declaring that around 10,000 tokens – which he considers securities – must register and disclose information.
On Donald Trump's side, he has committed to making America the 'cryptocurrency capital of the world' and is expected to replace leadership positions in regulatory agencies with individuals who have a more open view towards the industry. Notably, Trump is considering appointing Summer Mersinger – a Republican commissioner at the CFTC with a friendly view towards cryptocurrencies – as the chairman of the Commodity Futures Trading Commission (CFTC). Additionally, a new position focused on cryptocurrency policy may also be established at the White House.
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