SEC Chair Gary Gensler to step down on Jan. 20 SEC Chair Gary Gensler to step down on Jan. 20
After nearly four years as SEC Chair Gary Gensler will step down from his role the same day President Donald Trump takes office.
2 min read
Updated: Nov. 21, 2024 at 6:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Gary Gensler will step down from his role as the US Securities and Exchange Commission (SEC) Chairman on Jan. 20, 2025, the same day as President-elect Donald Trump takes office, according to a Commission statement.
Gensler began his tenure in the role in April 2021 and said his time at the SEC has been an “honor.” He added that the SEC is a “remarkable agency,” stating:
“The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Among the 20 largest crypto by market cap, XRP registered the most significant gains following the news and was up roughly 4% over the past 24 hours as of press time.
Gensler spearheaded enforcement actions against crypto firms, including major trading platforms, during his tenure. Under his leadership, the SEC sued prominent exchanges like Binance, Coinbase, and Kraken, accusing them of operating as unregistered securities brokers and clearinghouses.
Gensler also presided over the final approval of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the US. He had initially opposed the products, claiming they would boost manipulation in crypto markets.
However, on Aug. 29, 2023, the US Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale in its lawsuit over converting its Bitcoin Trust into a spot Bitcoin ETF.
The decision claimed that the SEC’s repeated argument of market manipulation without further explanations was “arbitrary and capricious” and violated federal administrative law.
As Gensler prepares to step down, President-elect Donald Trump has yet to nominate a successor, leaving the commission evenly split between Democrats and Republicans.
Among the names considered for the spot are former Binance.US executive Brian Brooks, Robinhood’s chief legal officer Dan Gallagher, Paul Atkins, an ex-SEC commissioner currently heading consulting firm Patomak Global Partners, and SEC’s Commissioner Hester Peirce.
Mentioned in this article
Bitcoin 
Ethereum 
XRP 
Grayscale Investments 
Coinbase 
Kraken 
Binance 
Gary Gensler 
Donald Trump 
Hester Peirce Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,474.10
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
XRP
$2.28768
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Hester Peirce, known as the “Crypto Mom” for her pro-cryptocurrency and blockchain stance, was sworn in as Commissioner of the U.S.
