SEC Chair Gary Gensler to Resign When Trump Retakes White House
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Securities and Exchange Commission (SEC) Chair Gary Gensler announced his resignation Thursday, throwing in the towel on efforts to reign in the digital assets industry. After leading the regulator’s crypto crackdown against many major industry players, Gensler said Thursday that he will resign on January 20, 2025 as Donald Trump begins his second term, following his recent election win. “The Securities and Exchange Commission is a remarkable agency,” said Gensler, in a statement. “The staff and the commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants.” The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprises true public servants. — Gary Gensler (@GaryGensler) November 21, 2024 “It has been an honor of a lifetime to serve with them on behalf of everyday Americans,” he continued, “and ensure that our capital markets remain the best in the world.” Leading the charge on an industry-wide crackdown following the collapse of FTX in 2022, the figurehead garnered a reputation for pursuing enforcement actions against many crypto firms. As a result, the Wall Street cop earned the label of chief crypto antagonist. Following Donald Trump’s White House victory, though, the writing was on the wall for Gensler, who consistently called on crypto firms to “come in and register” with the regulator. Those same firms argued that U.S. laws on digital assets are ambiguous, and it wasn’t clear how or when they should engage with the regulator before they listed or sold products to investors. As far as securities laws went, Gensler maintained that the status quo was workable. But the…
Filed under: News - @ November 22, 2024 1:20 am