Gary Gensler to Step Down as SEC Chairman
Date: 2024-11-22 Author: Gabriel Deangelo Categories: IN WORLD
The Securities and Exchange Commission (SEC) announced on November 21 that Gensler will end his tenure at the agency early next year.
Gensler said it was an honor to serve at the SEC, ensuring that Americans are protected and that the U.S. capital markets are strong.
Gensler’s departure coincides with the start of a second term for Donald Trump, who has vowed to replace him as part of his campaign platform. In July, Trump said he planned to remove Gensler to appeal to cryptocurrency advocates.
While the president has the power to appoint the SEC chairman, he cannot forcefully fire commissioners. Gensler has chosen to leave the agency.
During Gensler’s tenure since 2021, the SEC has taken a hard-line approach to cryptocurrencies, filing more than 100 lawsuits against crypto companies. In November, he reiterated his position, saying that about 10,000 tokens should be registered and comply with mandatory disclosures.
However, he emphasized that the SEC has approved spot Bitcoin ETFs, which shows a willingness to work with the industry. However, according to him, many issuers do not follow simple rules.
Trump has said that he wants to make the United States “the crypto capital of the world” and intends to replace the leadership of key agencies with those more friendly to the industry. He is considering the candidacy of Summer Mersinger to lead the CFTC. Mersinger, known for her calls for more lenient regulation of cryptocurrencies, may lead the agency.
Trump is also considering the creation of a new position in the White House dedicated entirely to cryptocurrency policy.
