Gary Gensler will step down as SEC chairman in January 2025
Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), announced that he will leave his position on January 20, 2025. The statement was released by the agency this Thursday (21), marking the end of a period of almost four years leading the regulator.
Gensler highlighted, in an official statement, that it was an honor to work with the SEC team. Furthermore, he thanked President Joe Biden for his trust. He also mentioned collaboration with other SEC commissioners, Congress and international regulators.
Gensler's career in the SEC
Since assuming the chairmanship of the SEC in April 2021, Gensler has led significant changes in the financial market. Among its initiatives, the introduction of centralized clearing mechanisms in the Treasury securities markets and the implementation of standards on transparency in executive remuneration stand out.
In the cryptoasset sector, he adopted a strict stance, stating that most cryptocurrencies qualify as securities. Therefore, you must comply with applicable laws.
During his tenure, the SEC intensified enforcement actions against large companies in the cryptoactive sector, such as Coinbase, Binance and Kraken. According to data released by the agency, in the last full fiscal year, 18% of the complaints received by the SEC were related to cryptoassets, despite these assets representing less than 1% of the capital market in the United States.
The SEC also highlighted that several court rulings have reinforced its position that securities regulations apply to cryptocurrencies regardless of their form.
Controversies with the cryptocurrency industry
Gensler has faced criticism from representatives of the crypto industry, who allege difficulties in complying with SEC requirements. According to them, the current rules focus on more traditional markets and do not consider the peculiarities of the digital sector.
The announcement of Gensler's departure comes after President-elect Donald Trump promised to fire him if elected. Trump's term begins on the same day that Gensler leaves office, on January 20, 2025.
Shortly after the announcement of Gensler's future departure, the price of Bitcoin rose to close to US$99,000, before falling back to US$98,003 at the time of writing this article. In the last 24 hours, the price of BTC has risen around 4%, according to data from CoinGecko.
