Gary Gensler, who has led the Securities and Exchange Commission for the past three and a half years, announced Thursday that he would resign on Jan. 20, 2025.
“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,” Gensler said in a statement. “The staff comprises true public servants.”
Gensler was appointed to lead the securities regulator in 2021. His term was set to expire in June 2026.
The announcement follows President-elect Donald Trump’s campaign promise to “fire Gary Gensler on day one” of his second term, an action experts agree falls in a gray area of the law.
Gensler’s decision is in line with previous SEC chairs. Former Chair Mary Jo White, who served in the Obama administration, announced her resignation on Nov. 14, 2016. Jay Clayton, White’s successor, did the same after Trump lost his re-election bid in 2020.
Gensler’s tenure was marked by a significant increase in cryptocurrency-related enforcement actions. Under his leadership, the Commission initiated more than 90 cases between 2021 and 2023, most of which dealt with alleged unregistered securities offerings.
“Everything we’ve done is focused on ensuring compliance with our laws. What we’ve found since the 1930s is that compliance matters,” Gensler said of his crypto track record during an appearance in New York earlier this month. “It protects investors. It builds trust in our capital markets. It helps issuers tap into our markets.”
The SEC’s ongoing cases against crypto exchanges Coinbase and Binance are likely to continue under the next chair, although agency staff could request commissioners vote to seek dismissal. Any motion to dismiss would have to be approved by the court.
Speculation about Trump’s pick to lead the SEC began well before Gensler’s announcement Thursday. Sources close to the matter told Blockworks that Commissioner Mark Uyeda is likely to be appointed acting chair following Trump’s inauguration.
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Source: https://blockworks.co/news/gary-gensler-resigning