Gary Gensler, chair of the US Securities and Exchange Commission (SEC), has officially declared his resignation. His departure, scheduled for January 20th, concludes his three-year tenure spearheading the regulatory body.
Gensler was nominated by President Joe Biden and assumed office in April 2021, replacing Jay Clayton. He has notably been critical of cryptocurrencies and, given President-elect Donald Trump’s imminent return to office for a second consecutive term, his resignation has been broadly anticipated.
Following Gensler’s announcement, it has been conjectured that if the strong interest in ETFs persists, it could pave the way for a potentially exciting year-end. The possibility of Bitcoin reaching a six-figure value is seen by some as a critical threshold. This would serve as an indication to traders that the digital asset is a valid store of value with long-term viability.
Reflecting on his term, Gensler expressed his gratitude to President Biden for entrusting him with such a pivotal responsibility. Despite the White House’s stringent position against cryptocurrencies, he maintained that the SEC remained impartial, fulfilling its mission of law enforcement without bias.
The news of Gensler’s decision to relinquish his role was greeted with enthusiasm by cryptocurrency advocates on social platforms. Under his leadership, the SEC initiated a number of enforcement proceedings against crypto powerhouses, including Ripple and Coinbase. Such actions prompted a politically-supported move to elect lawmakers sympathetic to the crypto sphere.