SEC Chair Gensler to Step Down After Trump Inauguration
US Securities and Exchange Commission (SEC) Chair Gary Gensler announced on Thursday that he would step down on Jan. 20, 2025 — the day Pres.-elect Donald Trump will take his oath of office.
Facts
- US Securities and Exchange Commission (SEC) Chair Gary Gensler announced on Thursday that he would step down on Jan. 20, 2025 — the day Pres.-elect Donald Trump will take his oath of office.[1]
- In a thread posted on X, Gensler thanked Pres. Joe Biden and called serving as SEC chair "an honor of a lifetime." Gensler's term technically doesn't end until 2026, but it's not unusual for agency leaders to leave when an administration changes.[2][3][4]
- Trump vowed during his campaign to remove Gensler upon taking office. Gensler has been a critic of the cryptocurrency market, calling it "the Wild West" during a 2021 speech and suing COIN.N, Kraken, Binance, and other companies for alleged violations of SEC rules.[1][5]
- Crypto prices, which had been rallying since Trump's election victory, received a further boost after Gensler's announcement — moving within 1% of $100K on Friday.[6]
- Trump, who hasn't yet nominated Gensler's successor, said in July that he wanted to make the US "the crypto capital of the planet." He and his family launched a crypto venture, World Liberty Financial, earlier this year.[3][7]
Sources: [1]Reuters, [2]X, [3]BBC News, [4]SEC, [5]Associated Press, [6]Investors and [7]FOX News.
Narratives
- Democratic narrative, as provided by Financial Times and Axios. Clearly the crypto industry, which contributed heavily to Trump and Congressional Republicans' campaigns, is calling the shots now. Gensler fought the good fight to bring transparency to markets, as well as set standards for climate disclosures and cyber security. But, unfortunately, the next administration isn't interested in regulations that will protect average Americans and the economy.
- Republican narrative, as provided by Breitbart. One way or another, Trump was going to replace Gensler with someone who knows how to get the financial industry, including the crypto markets, booming. So Gensler has made the future president's job easier. Gensler was always overreaching with his climate regulations and investigations and was another failed part of the outgoing Biden administration.
