SEC Chair Gary Gensler will be resigning from his position on Jan. 20, 2025, according to a recent Commission statement. Gensler, who has been in the role since April 2021, expressed his gratitude for the opportunity to serve at the SEC, calling it an honor. He praised the agency for its commitment to protecting investors, facilitating capital formation, and ensuring the proper functioning of the markets for all stakeholders.
During his time as SEC Chair, Gensler oversaw enforcement actions against several crypto firms, including major trading platforms like Binance, Coinbase, and Kraken. These actions were aimed at addressing concerns about these platforms operating as unregistered securities brokers and clearinghouses. Additionally, Gensler played a key role in the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the US, despite initial reservations about the potential impact on market manipulation.
Following the news of Gensler’s resignation, the cryptocurrency XRP experienced a notable increase in value, rising approximately 4% within 24 hours. As Gensler prepares to step down, President-elect Donald Trump has yet to announce a successor, leaving the SEC evenly split between Democrats and Republicans. Several names have been floated as potential candidates for the position, including former Binance.US executive Brian Brooks, Robinhood’s chief legal officer Dan Gallagher, Paul Atkins of consulting firm Patomak Global Partners, and SEC Commissioner Hester Peirce.
Overall, Gensler’s tenure at the SEC has been marked by significant regulatory actions in the crypto space and efforts to ensure the integrity of the US capital markets. His departure will pave the way for a new leader to continue this work and navigate the evolving landscape of digital assets and securities regulation.
