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Gary Gensler speculated to resign after Trump’s presidential win reshapes SEC. Controversial crypto policies defined Gensler’s tenure, sparking industry-wide debates. Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), is at the centre of mounting speculation that he will step down in the wake of Donald Trump’s return to the presidency. The political transition has reignited debates about Gensler’s controversial tenure, particularly his hardline stance on cryptocurrency regulation, which critics have dubbed an effort to “sue the industry into submission.”   Fox Business reporter Eleanor Terrett added fuel to the rumours, tweeting:  “While Donald Trump’s pick for SEC chair remains unknown, it looks increasingly likely that Gary Gensler will step down voluntarily and choose not to finish his term as commissioner (which would expire in 2026). It’s anyone’s guess when his resignation announcement will come. Still, chatter in DC circles is that he’ll likely announce after Thanksgiving his intention to exit in early January, ahead of Trump’s inauguration.”   Moreover, Gensler’s history with the crypto industry has been contentious. Appointed by President Joe Biden in 2021, Gensler spearheaded over half of the SEC’s crypto-related enforcement actions to date. While he maintained that many digital assets were unregistered securities, subjecting them to stringent oversight, critics saw his policies as excessively harsh and innovation-stifling.   Gary Gensler Hints at Departure Himself? On Thursday, Gensler’s remarks at the Practising Law Institute’s securities regulation conference sounded remarkably like a farewell speech. Reflecting on his tenure, he praised SEC staff and highlighted accomplishments such as enhanced disclosure rules and streamlined market structures.   Meanwhile, defending his crypto stance, Gensler reiterated that Bitcoin was not a security but emphasised the need for regulation of the broader digital asset market, citing “significant investor harm” in the absence of oversight. “Our focus has been on some of the 10,000 or so…

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Filed under: News - @ November 16, 2024 9:20 am