Crypto Foe and SEC Chair Gary Gensler Will Quit When Trump Takes Office
Gary Gensler will resign as Chair of the U.S. Securities and Exchange Commission (SEC) effective January 20, coinciding with Donald Trump's presidential inauguration. Gensler will not remain as a commissioner, ending his tenure marked by a stringent regulatory approach to the cryptocurrency industry. Under his leadership, the SEC initiated enforcement actions against major crypto exchanges, including Binance and Coinbase, alleging they operated as unregistered securities brokers. Gensler oversaw the approval of spot bitcoin and ether exchange-traded products after initially opposing them. Trump's nominee to succeed Gensler has not been announced, leaving the SEC with an even party split until a new appointment is confirmed. Gensler emphasized his work built on former Chair Jay Clayton's efforts, noting that 18% of SEC complaints were crypto-related despite the sector's small market share. A recent court ruling challenged the SEC's authority to redefine "dealer" in relation to crypto.
