Announcement of Gensler’s Resignation
On November 21, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), announced that he will step down from his position effective January 20, 2025. His resignation is timed with Donald Trump’s return to the presidency, a leader known for his supportive stance on cryptocurrency. In his parting statement, Gensler reflected on his tenure, expressing appreciation for the chance to serve. He reaffirmed his dedication to safeguarding the integrity of the U.S. capital markets.Political Implications of the Resignation
Interestingly, back in July, Trump hinted at his plans to replace Gensler as part of his campaign strategy to rally support from the cryptocurrency community ahead of the November 5 presidential election. While Trump has the authority to appoint a new SEC chair, he cannot remove sitting commissioners like Gensler, who will officially complete his term next January. Since Gensler took the helm in 2021, the SEC has adopted a strict approach to regulating cryptocurrency, launching more than 100 enforcement actions against various companies in the sector. In fact, just days before his resignation announcement, Gensler reiterated his stance that around 10,000 tokens—viewed as securities—need to register and fulfill proper disclosure requirements.Future of Cryptocurrency Regulation
As for Trump, he has set his sights on transforming the U.S. into a leading global hub for cryptocurrency. Reports suggest he is planning to nominate individuals more sympathetic to the crypto industry for key regulatory roles. One potential candidate for the chair of the Commodity Futures Trading Commission (CFTC) is Summer Mersinger, a current Republican commissioner known for her advocacy for a friendlier regulatory landscape for cryptocurrency. “`htmlSource: Cointelegraph.com
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