SEC's Gensler to Resign in January; Bitcoin Nears $100K as Trump Considers Pro-Crypto Successor

Nov 21, 2024, 06:12 PM

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler plans to step down from his position effective January 20, 2025, aligning with the end of President Biden's administration. While his term officially extends until 2026, it is customary for SEC chairs to resign when the presidency changes hands. Gensler's ambitious regulatory agenda has drawn significant resistance from Wall Street and the cryptocurrency industry, particularly due to his vigorous enforcement actions against crypto companies, which some viewed as harassment and intimidation. The announcement of Gensler's departure has been met with optimism in the crypto markets. Bitcoin surged above $98,000 and is approaching the $100,000 milestone, with many attributing the rally to expectations of a more crypto-friendly regulatory environment. Speculation has emerged that former President Donald Trump plans to appoint Teresa Goody Guillén, a known crypto advocate and critic of Gensler, as the new SEC Chair if he returns to office. In its statement announcing Gensler's resignation, the SEC highlighted his efforts in continuing the work of his predecessor Jay Clayton to regulate the crypto industry. Gensler's tenure was marked by attempts to bring digital assets under the SEC's regulatory purview, which some in the industry viewed as harassment and intimidation. As the SEC prepares for new leadership, the crypto industry is hopeful for a shift towards more supportive regulatory policies that could foster innovation and growth in the sector.