Securities and Exchange Commission Chair Gary Gensler, known for his aggressive oversight of cryptocurrencies, will step down from his post on January 20.
Gensler’s crackdown on cryptocurrencies, aimed at protecting investors, faced resistance from the industry and Republicans who viewed it as overreach.
The big picture: President-elect Donald Trump promised to remove Gensler when he takes office, but the SEC chair announced his decision to step down on Trump’s inauguration day.
- Bitcoin surged by 40% following the announcement of Gensler’s resignation, reaching new highs and approaching the $100,000 mark.
Driving the news: Under Gensler’s leadership, the SEC took legal actions against players in the crypto industry for various violations such as fraud and wash trading.
- The SEC under Gensler facilitated bitcoin accessibility, approving exchange-traded funds tracking bitcoin spot prices, allowing easier investment in bitcoin for investors.
- Gensler previously served as Chair of the U.S. Commodity Futures Trading Commission, where he led significant reforms in the swaps market, and played roles in legislative writing and treasury departments.
