Gary Gensler's SEC Departure: A Turning Point in Crypto Oversight

SEC Chair Gary Gensler, known for his tough stance on cryptocurrencies, will resign on Trump's inauguration day. Gensler spearheaded crypto regulation, aiming to protect investors, but faced pushback for perceived overreach. His tenure saw significant actions against crypto fraud and approval of bitcoin ETFs for broader investor access.

Gary Gensler, the Securities and Exchange Commission Chair recognized for his aggressive cryptocurrency regulation, announced plans to resign on January 20, coinciding with Donald Trump's inauguration. His departure follows substantial industry backlash and campaign promises from Trump to remove him.

During Gensler's tenure, the SEC launched major enforcement actions targeting crypto fraud, wash trading, and market manipulation. Despite political pushback, his leadership notably facilitated easier access to bitcoin for investors by approving exchange-traded funds that track its spot price, marking a significant shift in market accessibility.

Gensler's approach has been both praised for investor protection and criticized as overreaching. He described the crypto industry as fraught with scam and speculation. Although stepping down, Gensler highlighted the SEC's accomplishments and framed his service as an honor, emphasizing the dedication and mission-driven nature of the commission staff.

(With inputs from agencies.)