Early Gary Gensler Resignation: SEC Chair to Step Down as SEC Chair on Trump’s Inauguration Day
President-elect Donald Trump will be able to choose a new leader of financial markets regulation when Gary Gensler, the current chair of the U.S. Securities and Exchange Commission, steps down on January 20. Since his appointment by President Joe Biden in 2021 for a five-year term, Gensler has encountered strong resistance from the crypto community due to several enforcement efforts.
Trump has also criticized him. During a crypto conference in July, Trump made a campaign pledge to dismiss Gensler on day 1 if elected. Rather, Gensler has chosen to resign from the SEC on the day of the president-elect’s inauguration.
Trump’s Victory Fuels Bitcoin Rally as SEC Chair Candidates Emerge
A few months after the GameStop craze in January 2021, Gensler took office. Since then, he has been responsible for a number of lawsuits against cryptocurrency exchanges, like Binance, Coinbase, and Kraken, alleging that they sold unregistered securities.
During Chair Gensler’s tenure, the agency brought actions against crypto intermediaries for fraud, wash trading, registration violations, and other misconduct,
the SEC
Bitcoin prices have risen to all-time highs since Trump’s resounding victory earlier this month due to speculation over Gensler’s replacement and increased optimism about the future of crypto legislation in the United States. The leading candidates for the next SEC chair include former SEC Commissioner Dan Gallagher, former interim U.S. Comptroller of the Currency Brian Brooks, former SEC Commissioner Paul Atkins, and cryptocurrency lawyer Teresa Goody Guillén, according to prediction markets.
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