Lynn Johannson, Advisor, Sustainability and ESG
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Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Gary Gensler Resigns as SEC Chair, Leaving January 20
Regulation | Nov 22, 2024
Image: Freepik
SEC Chair Gary Gensler to Step Down January 20, What It Means for Markets and Crypto
On Nov 21, 2024, the U.S. Securities and Exchange Commission (SEC) announced that Gary Gensler SEC Chair will officially step down on January 20, 2025, aligning with President-elect Donald Trump's inauguration.
During his tenure as SEC Chair, Gary Gensler oversaw the aftermath of the GameStop trading frenzy, lawsuits against crypto and fintech giants like Binance, Coinbase, Uniswap, and Robinhood, enforced regulations during the SPAC boom, addressed controversies over meme stocks and market volatility from social media fuelled trading, implemented reforms in response to the Archegos Capital collapse, managed the regulatory response to the FTX bankruptcy, and negotiated the first full inspections of China-related audit firms by the Public Company Accounting Oversight Board (PCAOB).
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
According to the SEC's release, Gensler's key achievements:
- Updated rules to central clearing including changes to how trades are processed and cleared.
- Tightened governance rules for insider trading, improved transparency in executive pay, and made it easier for shareholders to vote on board members.
- Introduced new transparency requirements for companies to share more information about cybersecurity threats, climate risks, and data breaches.
- Took strong action against major crypto firms including cases of fraud and failing to register properly.
See: Gary Gensler, Chairman of the SEC Speech
What It Means for Crypto
Gensler's resignation could lead to major changes in how crypto and digital assets are regulated in the U.S. With Gensler's departure and Trump's pro-business/crypto approach, many industry experts are expecting crypto rules to become more transparent and relaxed. While Bitcoin has been on a torrid upward trajectory since the start of the year, news of Gensler's exit has pushed Bitcoin to the doorstop of $100,000 USD, it's most psychological barrier to date. So who will the next SEC Chair be and what will their approach be towards crypto?
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