US Securities and Exchange Commission (SEC) Chairman Gary Gensler is leaving his post after years of efforts to rein in the crypto industry.
Gensler plans to leave on Jan. 20, 2025, according to a statement released by the agency Thursday. The official said it had been the «honor of my life» to work with his colleagues at the agency.
I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled our mission and enforced the law without bias.
I have greatly enjoyed working with my fellow Commissioners Allison Herren Lee, Elad Roisman, Hester Pierce, Caroline Crenshaw, Mark Ueda, and Jaime Lizarraga. I also thank Congress, my colleagues in the U.S. government, and my fellow regulators around the world.
Gensler has become the bad cop for some in the crypto industry after taking enforcement action against major industry players like Coinbase, Binance и Creak.
In the last full fiscal year, 18 percent of the SEC’s tips, complaints, and referrals were related to cryptocurrencies, according to the SEC’s Office of Inspector General, despite the fact that cryptocurrency markets make up less than 1 percent of U.S. capital markets, the SEC said Thursday.
The court agreed with the SEC’s actions and rejected all arguments that the SEC could not enforce the law when securities were offered, regardless of their form.
Gensler’s resignation announcement is consistent with next President Donald Trump’s campaign promise to fire him if elected. Trump’s term begins Jan. 20.