Securities and Exchange Commission (SEC) Chairman Gary Gensler announced Thursday that he will step down from his position when President-elect Trump takes office on January 20th.
“The Securities and Exchange Commission is a great institution,” Gensler said in a statement. “The staff is made up of true public servants, and it has been the honor of a lifetime to serve alongside and on behalf of ordinary Americans, ensuring that our capital markets remain the best in the world. ”
“I thank President Biden for entrusting me with this great responsibility,” he continued. “The SEC fulfilled our mission, enforcing the law without fear or favor.”
Like many of President Biden's appointees, Gensler was expected to resign ahead of President Trump's inauguration. Federal Communications Commission Chairman Jessica Rosenworcel also announced Wednesday that she will also resign on January 20th.
Mr. Gensler held positions in the Clinton and Obama administrations and was confirmed as SEC chairman in March 2021.
He has been one of the most controversial members of the Biden administration, drawing the ire of the business community on a number of fronts.
The crypto industry has been particularly critical of Gensler, accusing him of using law enforcement regulation and not clarifying the rules for digital assets.
The SEC chairman has even become a target of President Trump as the president-elect increases his involvement in the crypto industry. At a Bitcoin conference in the summer, Trump vowed to fire Gensler if elected.
It remains to be seen who the president-elect will choose to chair the commission when he takes office, but his other Cabinet nominations have already signaled support for the crypto industry.
President Trump on Tuesday nominated Howard Lutnick, chairman and CEO of Cantor Fitzgerald & Co. and co-chair of the Trump-Vance transition, to lead the Commerce Department. Mr. Lutnick is a major supporter of the cryptocurrency industry.
