U.S. Securities and Exchange Commission Chair Gary Gensler is leaving his post after years of leading efforts to rein in the crypto industry.
Gensler plans to leave on January 20, 2025, according to a statement released by the agency on Thursday. Gensler said it was an "honor of a lifetime" to work with his fellow SEC staff.
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga," Gensler said in the statement. "I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.”
During his time at the SEC, which started in April 2021, Gensler led efforts to push for central clearing in Treasury markets, implemented changes on executive pay versus performance and continued working to shield investors in crypto markets.
Gensler had become a designated villain for some in the crypto industry following enforcement actions against big industry players, including Coinbase, OpenSea and Kraken.
"In the last full fiscal year, according to the SEC’s Office of the Inspector General, 18 percent of the SEC’s tips, complaints, and referrals were crypto-related, despite the crypto markets comprising less than 1 percent of the U.S. capital markets," the SEC said on Thursday. "Court after court agreed with the Commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form."
Gensler has maintained that most cryptocurrencies qualify as securities and urged crypto firms to register with the SEC. Some in the crypto industry have fought back, saying that it's impossible to register with the agency, partly because rules were made for more traditional entities that are different from the digital asset industry.
Gensler's announcement to depart comes after President-elect Donald Trump pledged to fire Gensler if elected. Trump's term as president starts on Jan. 20.
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