2024-11-22 20:36 |
Securities and Exchange Commission (SEC) Chair Gary Gensler announced on Thursday he will step down in January, marking the end of a contentious relationship with the cryptocurrency industry and setting the stage for potentially sweeping regulatory changes under President-elect Donald Trump’s administration.Gensler, appointed by Democrat President Joe Biden in 2021, will depart on January 20, coinciding with Trump’s inauguration. The announcement comes as Bitcoin reaches new heights, touching $99,000 amid expectations of a more crypto-friendly regulatory environment under Trump’s leadership.
During his tenure, Gensler established himself as one of the cryptocurrency industry’s most prominent critics, spearheading numerous enforcement actions against major platforms, including Binance, Coinbase, and Ripple Labs. His aggressive regulatory stance led to significant legal battles and drew criticism from industry leaders.
Bitcoin ETFs Approved On Gensler’s WatchGary Gensler – gone from the SEC on inauguration day
“The vast majority of crypto assets have yet to prove out sustainable use cases,” Gensler stated at his final Practising Law Institute conference in New York, maintaining his skeptical stance toward digital assets until the end.Despite his crypto-skeptic reputation, Gensler’s SEC notably approved spot-bitcoin and spot-ether exchange-traded funds earlier this year, following persistent pressure from major asset managers, including BlackRock and Grayscale.
Trump, who actively courted crypto voters during his successful campaign, had pledged to remove Gensler from his position. Speaking at a Bitcoin conference in July, the president-elect promised to make the United States “the crypto capital of the planet.”
Industry representatives welcomed news of Gensler’s departure. “All he did was come after the industry with litigation… so we are happy to get him out of the way,” said Kristin Smith, chief executive of the Blockchain Association, an industry advocacy group.
Market observers anticipate Trump will appoint a pro-cryptocurrency chairman to lead the SEC. Prediction markets currently favor several candidates with crypto-friendly backgrounds, including former acting U.S. Comptroller of the Currency Brian Brooks and former SEC Commissioner Paul Atkins.
The cryptocurrency market has responded positively to the political transition, with digital assets seeing significant price appreciation since Trump’s election victory. Industry donations of at least $130 million to Congressional candidates favoring crypto-friendly legislation suggest growing political influence for the sector.
Trump’s own entry into the cryptocurrency space through his family’s World Liberty Financial venture, launched during his campaign, signals potential alignment between his administration and industry interests, though details about the project remain limited.
The transition in SEC leadership comes as the agency faces ongoing challenges, including high-profile investigations and legal battles with major industry figures. Under Gensler’s watch, the SEC secured convictions against FTX founder Sam Bankman-Fried and Binance’s Changpeng Zhao, marking significant victories in its enforcement efforts.
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