SEC Chairman Gary Gensler, who had a high-profile agenda during Joe Biden's leadership, is now facing strong opposition from the Wall Street community and the crypto industry, and is planning to step down on January 20, 2025.
In his statement, the Securities and Exchange Commission is an extraordinary agency with a focus on protecting investors, facilitating capital formation and ensuring markets run smoothly.
The resignation will be replaced by Mark Uyeda or Hester Peirce, who are the Republican nominees for commissioner.
Gary Gensler, who was appointed by Joe Biden in 2021, has been aggressive in his work on market risk, stock trading reform and a crackdown on crypto laws.
Some of his regulations will have a lasting impact on the US financial world.
In the latest administration of Donald Trump, he wants the SEC to further relax the regulations approved by Gensler and take a more crypto-friendly approach to legislation.
Gensler's policy achievements include speeding up settlement times for US stock trades and new rules that result in trillions of dollars more in US Treasury market transactions every day.
