The news that the crypto world has been eagerly awaiting has arrived: SEC Chairman Gary Gensler has announced his decision.

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, announced that he will step down from his position ahead of the upcoming presidential transition. Gensler, who has been leading the SEC since April 2021, is particularly known for his strict regulations in the cryptocurrency markets. His tenure, marked by harsh enforcement actions against major players in the crypto sector such as Coinbase, Binance, and Kraken, will end on January 20, 2025.

The Era of Gensler, the Architect of Strict Crypto Regulations in the U.S., is Coming to an End

Gary Gensler, the Chairman of the SEC, which regulates the capital markets in the U.S., announced that he will leave his position ahead of the upcoming presidential transition. Gensler's term will end on January 20, 2025.

Since April 2021, Gensler has been serving as the chairman of the SEC and expressed his gratitude to President Biden for appointing him to this role in his farewell statement. Gensler stated, "It has been a great privilege to work alongside my valuable colleagues at the SEC, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga."

During Gensler's tenure, the SEC drew attention with its regulatory moves, especially in the cryptocurrency markets. Gensler took significant steps, such as improving the central clearing system in the treasury markets and implementing performance-based regulations on executive compensation, and made tough enforcement decisions against leading platforms in the cryptocurrency sector, including Coinbase, Binance, and Kraken.

A report published by the SEC highlighted that while cryptocurrencies account for only 1% of the U.S. capital markets, 18% of the complaints received by the agency were related to cryptocurrencies. Courts have also ruled in favor of the SEC's investor protection efforts, stating that legal regulations must be applied to all securities transactions, including crypto assets.

Gensler's decision to leave came after Donald Trump announced that he would remove him from office if elected president. It remains uncertain who Donald Trump, who will assume the presidency on January 20, will appoint as the SEC chairman.