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Gary Gensler, the high-profile and often polarizing chair of the U.S. Securities and Exchange Commission, announced his resignation, effective the day President-elect Donald Trump takes office. Here’s the announcement on X: On January 20, 2025 I will be stepping down as @SECGov Chair. A thread 🧵⬇️ — Gary Gensler (@GaryGensler) November 21, 2024 Gensler’s decision is hardly unexpected for those attuned to Washington’s political rhythms. Leadership changes at federal agencies often coincide with the arrival of a new administration, especially when there’s an ideological shift.  Here’s a closer look at the situation. Gensler’s crackdown on crypto Although Gensler’s term was slated to run through 2026, his resignation aligns with these unwritten rules of political transitions. Gensler’s tenure, which began in 2021 under President Joe Biden, has been anything but uneventful. Known for his bold and uncompromising regulatory stance, he led an unprecedented crackdown on the crypto industry—a sector he once described as “rife with fraud and hucksters.” Under his leadership, the SEC initiated a record 46 enforcement actions against crypto-related entities in 2023 alone, a 53% increase from 2022.  Some of the crypto-related lawsuits filed seemed reasonable. For example, the SEC’s case against Terraform Labs involved allegations of a massive fraud scheme. In June, a federal jury ruled against Terraform and its co-founder Do Kwon. They were ordered to pay over $4.5 billion in penalties, the largest ever imposed in a crypto-related case. While some applauded his efforts to bring order to the industry, Gensler’s critics often accuse him of regulatory overreach and stifling innovation, particularly when it comes to cases against Ripple (XRP) and Coinbase. Trump, whose family launched a crypto startup this year, vocalized his disdain for Gensler on the campaign trail and pledged to replace him “on day one.” Dan Gallagher, Robinhood Markets’ chief legal officer, was…

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Filed under: News - @ November 23, 2024 9:56 pm