Gary Gensler, chairman of the Securities and Exchange Commission (SEC) since 2021, announced his resignation on Thursday, effective January 20, report several American media including CNBC. The widely anticipated move allows President-elect Donald Trump to quickly name a successor, with major implications for Wall Street and the cryptocurrency industry.
Under the leadership of Gary Gensler, the SEC has taken an ambitious and sometimes controversial approach, strengthening transparency requirements for listed companies and financial advisors, including on risks related to climate change and cybersecurity. The agency also reduced settlement times for stock trades to one day.
Hands free for Donald Trump
Gary Gensler's departure offers Donald Trump the opportunity to reshape the SEC, appointing not only a new chairman but potentially two other commissioners whose terms expire by 2025.
These appointments, subject to Senate ratification, could make the agency more favorable to the interests of Wall Street and the cryptocurrency industry, marking a major turning point in financial regulation in the United States.
Many disputes during his mandate
Gary Gensler's tenure has been marked by high-profile disputes with the cryptocurrency industry, including a legal battle with Grayscale to block bitcoin exchange-traded funds (ETFs). Although the SEC lost that case, paving the way for massive financial flows into these funds, it sued several companies in the industry, including Coinbase, with mixed results.
At the same time, the agency investigated Elon Musk, CEO of Tesla, for suspicion of fraud linked to his acquisition of X for $44 billion in 2022. Elon Musk, a vocal critic of the SEC, is also accused of having ignored a prior agreement requiring a lawyer to validate his publications on Tesla before their distribution on X.
