Securities and Exchange Commission (SEC) Chair Gary Gensler announced his resignation Thursday, throwing in the towel on efforts to reign in the digital assets industry.

After leading the regulator's crypto crackdown against many major industry players, Gensler said Thursday that he will resign on January 20, 2025 as Donald Trump begins his second term, following his recent election win.

“The Securities and Exchange Commission is a remarkable agency,” said Gensler, in a statement “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. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world."

Editor's note: This story is breaking and will be updated with additional details.

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