Fri Nov 22 03:26:41 UTC 2024: ## Gensler Steps Down as SEC Chair Amid Crypto Market Boom

**Washington D.C., November 22, 2024** – Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will resign on January 20th, the day President-elect Donald Trump takes office. Gensler’s tenure was marked by aggressive oversight of cryptocurrencies and other financial markets, drawing both praise for investor protection and criticism for alleged overreach from industry players and Republicans.

Gensler’s departure coincides with a surge in the cryptocurrency market. Bitcoin has soared 40% since Trump’s election victory, nearing $100,000 following the announcement of Gensler’s resignation. During his chairmanship, Gensler characterized the crypto market as the “Wild West,” citing widespread fraud and lack of transparency. The SEC under his leadership pursued numerous actions against crypto firms for fraud and market manipulation. However, Gensler’s tenure also saw the approval of Bitcoin spot ETFs, giving investors easier access to the cryptocurrency.

While approving these ETFs, Gensler cautioned against the speculative nature of Bitcoin and its use in illicit activities. His actions also extended to other areas, including speeding up stock trade settlements in response to the 2021 meme stock phenomenon. However, several SEC proposals, such as increased ESG disclosures, faced industry pushback for being overly burdensome.

Despite the criticism, Gensler defended the SEC’s record, emphasizing its commitment to investor protection and market stability. Before leading the SEC, Gensler held prominent roles in the Obama administration and played a key role in crafting the Sarbanes-Oxley Act.

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