SEC Chair Says He Will Step Down in January

We have already heard several government officials announce they will be leaving their posts in anticipation of Donald Trump taking office.

We can now add one more name to that list.

SEC Chair Gary Gensler has announced that he will resign his position in January.

I’m Gone

Gensler’s time at his post has been filled with controversy, most notably for how he has handed crypto and digital assets.

Crypto advocates believe that Gensler’s oversight was a bit heavy-handed and threatened to squash the finance sector.

We know Trump has no problem with crypto and I would imagine that Elon Musk has been in his ear about this as well.

This is all writing on the wall for Gensler.

Gensler was appointed by Biden, but his term was not due to expire until June 2026.

His early resignation will allow Trump to appoint a long-term successor that is more in line with helping to grow crypto, not cripple it.

Trump has shown great curiosity about crypto while admitting that he is not overly familiar with it, so I would expect him to lean heavily on his advisers in making this appointment.

In announcing his resignation, Gensler stated, "The Securities and Exchange Commission is a remarkable agency.

"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."

He concluded, "I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor.”

Trump has not yet named Gensler’s successor, as his resignation will go into effect on January 20, 2025, which is when Trump will be sworn into office.