Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has announced that he will resign from his position on January 20, 2025.
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The resignation clears the way for president-elect Donald Trump to select a replacement at the head of the Wall Street regulator. Gensler assumed the top job at the SEC in 2021 and is best-known for his tough regulatory approach, especially towards cryptocurrencies.
Trump has not yet announced his choice to lead the SEC, but the expectation is that the next chair of the regulator will be friendlier towards crypto and Wall Street in general. Gensler’s resignation is a bit of a surprise as SEC commissioners serve five-year terms and Gensler could have stayed on until 2026.
January 20, the date when Gensler will step down from his position, is the day of Trump’s inauguration. In a news release, the SEC said that Gensler is leaving the agency altogether.
Another Boost for Crypto
News of Gensler’s resignation comes amid a stampeding bull run for cryptocurrencies, with Bitcoin (BTC) up 4% in the last 24 hours and approaching the key threshold of $100,000. Bitcoin and other cryptocurrencies have been rallying since Trump won the U.S. presidential election on November 5.
Investors expect less regulation and more widespread adoption of crypto under a Trump administration, and a new SEC chair is viewed as critical in that regard. Under Gensler, the SEC engaged in several high profile disputes with the crypto industry, including efforts to block spot Bitcoin exchange-traded funds (ETFs) that were ultimately approved in January of this year.
The SEC also sued several major crypto companies in recent years over how they handle crypto, including exchange Coinbase Global (COIN). The SEC’s enforcement record with crypto is mixed.
Is BTC a Buy?
Most Wall Street firms do not provide forecasts for cryptocurrencies such as Bitcoin. So instead we look at the performance of BTC over the past three months. As one can see in the chart below, Bitcoin’s price has risen 52% in the last three months, which is a strong performance.
