Gary Gensler, the Chair of the Securities and Exchange Commission will resign from his position when Donald Trump assumes office on January 20.
Gensler stated in a press release that the Securities and Exchange Commission was a remarkable organization. The staff is made up of true public servants. It was an honor to work with them and serve the American people, ensuring that our capital markets are the best in the World.
He continued, “I am grateful to President Biden for giving me this incredible responsibility. The SEC met our mission and enforced law without fear or favor.”
Gensler, like many of President Biden’s appointees was expected to step aside before Trump’s inauguration. Jessica Rosenworcel, the chair of the Federal Communications Commission, announced on Wednesday that she would also be departing by Jan. 20.
Gensler was confirmed in March 2021 as the SEC Chair. Gensler previously served in roles within the Clinton and Obama Administrations.
He is a controversial figure within the Biden administration and has drawn the ire of business leaders on many fronts.
Gensler has come under fire from the cryptocurrency industry for allegedly regulating digital assets by enforcing the law and not providing clarity about the rules.
Trump even made the SEC chairman a target as he embraced crypto more and more. Trump promised to remove Gensler from his position if he were elected at a bitcoin summit over the summer.
The president-elect has yet to decide who will run the commission once he assumes office. However, his other cabinet picks have already shown their support for the crypto sector.
Howard Lutnick was selected by Trump to be the new head of the Department of Commerce. He is the CEO and chairman of Cantor-Fitzgerald and co-chair of Trump-Vance’s transition. Lutnick has been a strong supporter of the crypto industry.
