Gary Gensler May Exit SEC Before January 2025 Amid Crypto Backlash
In Brief
- Speculation is growing that SEC Chair Gary Gensler may announce his resignation after Thanksgiving.
- Chair Gensler has faced criticism from the crypto community for his enforcement-heavy approach.
- Potential successors would be tasked with mending relationship with the emerging cryptocurrency industry.
Reports suggest that Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), may step down before Donald Trump assumes office in January.
Speculation around Gensler’s resignation follows growing backlash from the crypto community against his leadership at the regulatory agency.
Gensler Could Resign SEC Role Before January
On November 15, Fox Business reporter Eleanor Terrett hinted that Gensler could announce his resignation shortly after Thanksgiving.
“It’s anyone’s guess when his resignation announcement will come, but chatter in DC circles is that he’ll likely announce after Thanksgiving his intention to exit in early January, ahead of Trump’s inauguration,” Terrett said.
Notably, recent remarks from Gensler himself add to the speculation. In a Nov. 14 speech, he expressed pride in his service at the SEC, calling attention to the agency’s efforts to protect American investors. Gensler’s speech also included reflections on his tenure and what some interpreted as a farewell message.
“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” Gensler wrote.
During his leadership, the SEC approved the first spot crypto exchange-traded funds (ETFs), which Gensler described as a significant step forward. He positioned this as a contrast to prior administrations that had blocked similar advancements.
However, his tenure has been marked by intense criticism from the crypto sector. Tyler Winklevoss, co-founder of Gemini, accused Gensler of harming the industry through a heavy-handed regulatory approach. Winklevoss argued that Gensler prioritized personal ambitions over fair regulation, describing his actions as damaging and deliberate.
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Winklevoss warned the crypto community against associating with Gensler in the future, stating:
“No amount of apology can undo the damage he has done to our industry and our country. This type of person has no place at any institution, big or small. Americans have had enough of their tax dollars going towards a government that is supposed to protect them, but instead is wielded against them by politicians looking to advance their careers.”
Gensler’s SEC has pursued high-profile enforcement actions against major crypto firms, including Binance, Coinbase, and Ripple. Critics claim this enforcement-heavy strategy has stifled innovation and created an adversarial relationship between regulators and the industry.
Eyes on Gensler’s Successor
As speculation about Gensler’s resignation grows, attention has shifted to his potential replacement under Trump’s administration. Possible candidates include Robinhood’s Chief Legal Officer Dan Gallagher, former SEC General Counsel Bob Stebbins, and current Republican SEC Commissioner Mark Uyeda.
Although Gallagher appears reluctant to accept the role, former SEC Chair Jay Clayton has endorsed Stebbins. Other contenders reportedly include Brad Bondi, Paul Atkins, Heath Tarbert, and Norm Champ.
The next SEC Chair will inherit a divided regulatory landscape and face the challenge of repairing strained relations with the cryptocurrency sector. As the industry continues to evolve, the SEC’s approach under new leadership will play a crucial role in shaping the future of crypto in the United States.
