SEC Chair Gary Gensler will leave the SEC on January 20

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is set to step down after spearheading efforts to regulate the crypto industry during his tenure.

The SEC announced Thursday that Gensler will leave his role on January 20, 2025. In his statement, Gensler called his time at the agency the "honor of a lifetime" and expressed gratitude to his colleagues and collaborators.

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled its mission and enforced the law without fear or favor. I’ve greatly enjoyed working alongside my fellow Commissioners—Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga,” Gensler said. “I also extend my thanks to Congress, my colleagues across the U.S. government, and regulators worldwide.”

Appointed in April 2021, Gensler focused on initiatives to strengthen market infrastructure, including central clearing in Treasury markets and reforms tying executive pay to performance. He also prioritized investor protection within the crypto sector, making him a polarizing figure in the industry.

Under Gensler’s leadership, the SEC pursued enforcement actions against major crypto players like Coinbase, Binance, and Kraken, drawing criticism from industry stakeholders.

“In the last full fiscal year, 18 percent of the SEC’s tips, complaints, and referrals were crypto-related, even though the crypto markets represent less than 1 percent of U.S. capital markets,” the SEC said Thursday. “Court after court has upheld the Commission’s actions to safeguard investors, rejecting claims that the SEC lacks authority to enforce securities laws regardless of their form.”

Gensler has consistently argued that most cryptocurrencies are securities and urged crypto firms to register with the SEC. However, critics within the industry have pushed back, contending that the SEC’s rules are outdated and ill-suited to the unique nature of digital assets.