Key Points:
- SEC Chair Gary Gensler steps down after leading the agency since 2021, with a tenure marked by strict enforcement actions.
- A wave of cryptocurrency ETF filings has emerged at the SEC with optimism for a more crypto-friendly regulatory approach under the Trump administration.
SEC Chair Gary Gensler is officially resigning, the culmination of his leading the commission starting in 2021.
Read more: President-elect Trump Is Fueling the New Crypto Wave
SEC Chair Gary Gensler Steps Down After Landmark Tenure
A statement put out by Commissioners Hester Peirce, Caroline Crenshaw, and Mark Uyeda praised Gensler’s long career in public service, citing the major contributions he has made to financial regulation.
SEC chair Gary Gensler had served as chairman of the Commodity Futures Trading Commission and as undersecretary for domestic financial affairs at the U.S. Treasury Department. He was an aggressive enforcer in those roles, particularly in crypto and financial markets, a fact that has drawn praise and criticism.
Under his leadership, Gensler spearheaded a number of high-profile reforms that included enhancing market integrity and corporate governance, simplification of fund disclosure, and shorter settlement periods. He also led initiatives for increased transparency in corporate insider trading and recovering billions in investor losses while putting a spotlight on public investment education.
New Leadership Slated at the SEC to Change Policies in Financial Markets
During the final days of his reign as SEC chairman, a slew of cryptocurrency ETF filings bombarded the agency. The filings reflect industry hopes for regulatory changes under the incoming administration of President-elect Donald Trump, who is expected to take up a more crypto-friendly approach.
Trump’s nominee to head the SEC, former Commissioner Paul Atkins, is expected to take a friendlier approach to digital asset regulation. As Trump prepares to take office, market activity has picked up, with trading volumes surging on speculation about the administration’s regulatory course.
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