SEC Chairman Gary Gensler to Step Down Ahead of Trump Inauguration

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.