The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, plans to resign on January 20, 2025. In a statement on Thursday, November 21, Gensler announced this news. “The SEC is a remarkable institution,” he said. “The staff and the Commission are deeply mission-oriented, focused on protecting investors, promoting capital formation, and ensuring markets serve investors and issuers.”
After his departure, it is expected that one of the current acting chairs of the SEC will succeed him. The current acting chairs are Mark Uyeda and Hester Peirce, both Republicans.
Gensler was appointed as Chairman of the SEC by President Joe Biden in 2021. His agenda includes initiatives such as climate risk disclosure, stock trading reforms, and combating illegal activities involving cryptocurrencies.
Bloomberg reported that some regulations formulated by Gensler will leave a lasting impact on the financial industry, but his ambitious agenda faced strong resistance from Wall Street and the cryptocurrency industry.
President-elect Trump will be inaugurated on January 20 next year. The next SEC chairman chosen by him may attempt to relax some of the regulations put in place by Gensler and adopt a more cryptocurrency-friendly enforcement approach.