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Business and Economic News
Maria Aspan, NPR

SEC Chair Gary Gensler, who took aim at crypto industry, to step down in January

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Securities and Exchange Commission (SEC) Chair Gary Gensler testifies during a House Financial Services Committee hearing on oversight of the SEC, April 18, 2023, on Capitol Hill in Washington.
AP Photo | Jacquelyn Martin, File

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Gary Gensler, the U.S. financial regulator who crypto investors loved to hate, will leave the Securities and Exchange Commission on Jan. 20, the agency announced on Thursday.

President-elect Donald Trump, who will be inaugurated on that day, had promised to fire Gensler “on day one.” He technically does not have the authority to do so, and Gensler’s five-year term at the SEC runs until 2026.

However, the agency’s chairs have traditionally resigned when a new administration is elected.

“The SEC has met our mission and enforced the law without fear or favor,” Gensler said in a press release announcing his departure, while praising the agency’s “high-impact enforcement cases to hold wrongdoers accountable and return billions to harmed investors” under his tenure.

Gensler antagonized the cryptocurrency industry

Many of those actions cracked down on the cryptocurrency industry, suing companies for fraud and money laundering and assessing billions of dollars in fines. Among the targets of his enforcement actions were top crypto companies such as Binance and Coinbase.

Those enforcement actions have helped turn Gensler into Public Enemy No. 1 for crypto companies and investors — who poured money into this year’s federal elections, turning the industry into the largest corporate campaign donor in 2024.

Trump, who once called Bitcoin “a scam,” widely embraced the industry in this campaign. He has promised to turn the United States into "the crypto capital of the planet," while launching a family crypto business.

And Trump has already appointed some members of his Cabinet, including billionaire investor Howard Lutnick as Commerce Secretary, who share his enthusiasm for crypto.

“It has been an honor of a lifetime to serve … on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler also said in the statement.

Copyright 2024, NPR