SEC Chair Gary Gensler Will Lose Power From January 20
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Key Points: SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. Gensler, known for his strict enforcement actions, especially on cryptocurrencies, faced criticism from the crypto industry and Trump during his time at the SEC. SEC Chair Gary Gensler plans to step down effective Thursday, January 20, 2025. A piece of news that the crypto community has been waiting for a long time. Read more: SEC Chair Gary Gensler Hints at Exit Amid Trump’s Victory SEC Chair Gary Gensler to Step Down on January 20 The move coincides with the inauguration of President-elect Donald Trump, who had criticized Gensler’s tenure and had pledged to oust him. While SEC chairs have five-year terms-Gensler’s is set to expire in 2026-it is traditional for them to quit when a new administration arrives. Appointed by President Joe Biden in 2021, SEC Chair Gary Gensler has begun a particularly controversial tenure at the commission with his aggressive enforcement and regulatory efforts. The agency’s tough stance has drawn sharp criticism from both the financial industry and political opponents, with cryptocurrency regulation a key argument. Industry groups have called it an overreach, while President-elect Trump has expressed displeasure with Gensler’s policies. In a statement published by the SEC, Gensler looked back on his time with the agency, referring to it as “an honor of a lifetime to serve” while emphasizing that the “vibrant” U.S. capital markets must be maintained. Bitcoin at New All-Time High After Trump’s Pro-Crypto Policy Anticipation The surprise resignation of SEC Chair Gary Gensler coincided with Bitcoin reaching an all-time high of $98,800. The cryptocurrency increased along with other digital assets due to optimism over Trump’s anticipated friendly to crypto policies and the anticipated generally lenient environment that his administration might proffer. Trump’s victory saw the…
Filed under: News - @ November 22, 2024 3:17 am