Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has announced that he will resign from his position on Jan. 20, 2025.
Gensler has held the top job at the SEC since 2021 and is best-known for his tough regulatory approach, especially towards cryptocurrencies.
His resignation enables president-elect Donald Trump to select a replacement at the head of the Wall Street regulator.
Trump has not yet announced his choice to lead the SEC, but the expectation is that the next chair of the regulator will be friendlier towards Wall Street and crypto.
SEC commissioners serve five-year terms and Gensler could have stayed on until 2026. However, the SEC said that Gensler is leaving the agency altogether.
Jan. 20, the date when Gensler will step down, is the day of Trump’s inauguration.
Under Gensler, the SEC engaged in several high-profile disputes with the crypto industry, including attempts to block spot Bitcoin exchange-traded funds (ETFs) that were approved this January.
The SEC also sued several crypto companies over how they handle digital assets, including exchange Coinbase Global (COIN).
Investors expect less regulation of crypto under Trump’s appointment as SEC chair.