Official announcement from the U.S. Securities and Exchange Commission or major news outlets

SEC Chair Gary Gensler to Resign on January 20, 2025; Bitcoin Hits $98,309 Amid Pro-Crypto Hopes

Nov 21, 2024, 06:09 PM

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down from his position on January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. The SEC announced that Gensler, whose term officially runs until 2026, will depart the agency ahead of schedule, following the tradition of SEC chairs stepping down when the U.S. presidency changes hands. Gensler, who began his tenure in April 2021, pursued an ambitious regulatory agenda that drew fierce resistance from Wall Street and the cryptocurrency industry. Under his leadership, the SEC intensified scrutiny and enforcement actions against major crypto firms, including Binance and Coinbase. Bitcoin surged to a new all-time high of $98,309 following news of his impending departure, amid expectations of a pro-crypto agenda from the incoming Trump administration.