tl;dr
U.S. Securities and Exchange Commission Chair Gary Gensler will resign on January 20, coinciding with Donald Trump's presidency. Gensler, known for his tough stance on crypto, oversaw enforcement actions and rulemakings affecting the industry. The SEC sued major crypto exchanges during his tenure an...
U.S. Securities and Exchange Commission Chair Gary Gensler will leave the agency on the day Donald Trump becomes president in January. This includes stepping down as head and as a commissioner, leaving before defending his regulatory policies, which have taken an aggressive stance toward crypto.
Gensler's resignation will be effective at noon on Jan. 20. In a statement, he praised the SEC as a remarkable agency and thanked President Joe Biden and his fellow commissioners. During his tenure, Gensler oversaw enforcement actions and rulemakings directly affecting the crypto industry.
The SEC sued major crypto exchanges during Gensler's tenure, expanded its enforcement actions, and oversaw the first approval of spot bitcoin and ether exchange-traded products in U.S. markets. Trump has yet to name Gensler's successor as SEC chair.
In the absence of Gensler, the commission will have two members from each party until Trump's future appointment is confirmed by the Senate. Gensler's work built on that of former SEC Chair Jay Clayton, including lawsuits alleging registration violations.
However, this came hours after a federal judge ruled that the SEC's effort to expand the definition of a "dealer" exceeded its authority in a lawsuit brought by crypto lobbyists.
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