Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has announced his resignation effective January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

The SEC confirmed the news on Wednesday, and Gensler later addressed his departure on X, formerly Twitter. “I thank President Biden for entrusting me with this incredible responsibility,” Gensler wrote. “The SEC has met its mission and enforced the law without fear or favor.”

Gensler, who has served as SEC chairman since 2021, was appointed by President Joe Biden to oversee the regulatory agency during a period of intense scrutiny of financial markets and the cryptocurrency sector. His term was initially set to run until 2026, but it is customary for leaders of federal agencies to step down when a new administration takes office.

President-elect Trump had previously announced plans to replace Gensler “on day one” of his administration. This decision follows contentious legal actions taken by Gensler’s SEC against several cryptocurrency firms, which Trump and others have criticized as overly aggressive.

Gensler’s tenure has been marked by a crackdown on crypto markets and efforts to strengthen oversight of digital assets, moves that sparked both praise and criticism. Trump, a known skeptic of cryptocurrency regulations, has expressed starkly contrasting views on the industry, leading to tension between the incoming administration and the outgoing chairman.

During his tenure, Gensler focused on enhancing transparency and protecting investors across traditional and emerging financial markets. However, his approach, particularly toward the cryptocurrency sector, has drawn mixed reactions. Proponents argue that his actions brought much-needed regulation to the volatile digital asset space, while critics claim they stifled innovation.

The SEC has not yet announced an interim chair or a successor.

Logan Paul, a prominent social media influencer with over 23 million YouTube subscribers, is under fire for his involvement in cryptocurrency projects. Accusations have surfaced that Paul may have profited by allegedly misleading fans into investments that caused token prices to spike.

Paul’s influence in the crypto space has been growing over the past three years, as his videos increasingly reference blockchain technologies and investment opportunities. However, some critics argue his endorsements lack transparency, fueling speculation that he may have sold tokens at inflated prices after his promotions.

Adding to his challenges, Paul is embroiled in a multi-million-dollar lawsuit over CryptoZoo, a failed crypto project he backed. The venture was marketed as a play-to-earn game, but investors claim they lost significant sums when the project collapsed.

Paul has denied any wrongdoing in connection to both CryptoZoo and his other cryptocurrency activities. Despite the controversy, he remains a major figure in the influencer world, leveraging his platform to shape conversations and trends across various industries.

Walmart has once again raised its annual sales forecast, citing stronger-than-expected consumer spending on non-grocery items, increased home delivery orders, and early holiday shopping. The retail giant now anticipates net sales growth between 4.8% and 5.1% for the fiscal year, up from its previous projection of 3.75% to 4.75%.

The updated outlook was announced alongside third-quarter earnings that surpassed Wall Street expectations. Chief Financial Officer John David Rainey noted that general merchandise sales increased year-over-year for the second consecutive quarter, reversing a decline that spanned 11 quarters. However, he highlighted that customers remain price-sensitive, waiting for deals, particularly as food prices remain elevated.

“We’re expecting this holiday period to be very consistent with that,” Rainey said, emphasizing shoppers’ focus on price and value.

Walmart’s strong performance propelled its shares up by about 3% in early trading, reaching a 52-week high and setting a new all-time intraday record since the company began trading on the New York Stock Exchange in 1972.

For the quarter ending October 31, Walmart reported a sharp increase in net income, rising to $4.58 billion, or 57 cents per share, compared with $453 million, or 6 cents per share, a year earlier. Revenue climbed to $164.05 billion, up from $160.80 billion in the same period last year.

Comparable sales, a key industry metric, grew 5.3% for Walmart U.S. and 7% at Sam’s Club (excluding fuel). Walmart also reported higher customer engagement, with U.S. transactions rising 3.1% and average ticket size increasing 2.1% year-over-year.