Gary Gensler Steps Down as SEC Chair

Gary Gensler, the SEC chair known for his tough stance on crypto, is leaving the agency on January 20, 2025. That’s the same day Donald Trump starts his second term as president. Gensler called his time at the SEC an “honor” but won’t be sticking around under the new administration.

A Rocky Relationship With Crypto

Since taking the job in 2021, Gensler has been a headache for the crypto world. He led over 100 enforcement actions, arguing that most crypto tokens should be treated as securities and held to strict rules. While he approved Bitcoin ETFs, Gensler often criticized the industry for dodging regulations.

Trump’s Crypto-Friendly Game Plan

Trump is gearing up to replace Gensler with someone friendlier to crypto. Summer Mersinger, a Republican known for her softer approach, is reportedly a top pick to lead the CFTC. Trump’s also thinking about creating a White House role just for crypto policy, aiming to make the U.S. a global crypto leader.

Big Changes at the SEC

Gensler’s exit isn’t the only shake-up. In October, the SEC’s top enforcer, Gurbir Grewal, also stepped down after aggressively cracking down on crypto companies.