Gary Gensler’s Resignation Sends Cryptocurrencies Soaring
Key Points:
- Gary Gensler will step down on January 20, 2025.
- Solana, XRP among cryptocurrencies to spike amid the news.
US Securities and Exchange Commission Chair Gary Gensler has announced his resignation from the agency effective January 20, 2025. Gensler announced his exit from the Commission in a press release on Thursday, Nov. 21, with this coming a few weeks after the US elections that saw Donald Trump win.
Market Reaction
The news of his exit saw several cryptocurrencies rise sharply, with Solana and XRP jumping more than 10% to $257 and $1.20 respectively. Ethereum was up 5% to $3,359 while Bitcoin hovered above $98,000.
Gensler’s Legacy
Gary Gensler took over as the SEC chair on April 17, 2021, taking the helm as the securities market’s chief following appointment by the Joe Biden administration. In the press release announcing his departure, he expressed gratitude for the opportunity to serve and highlighted the SEC’s commitment to enforcing the law without bias.
Under Gensler’s leadership, the SEC adopted a regulation by enforcement approach that impacted the US crypto industry. The regulator filed multiple cases against top crypto companies, including Coinbase, Binance, and Kraken. Gensler also continued the lawsuit against Ripple initiated by his predecessor, which the regulator ultimately lost.
However, Gensler faced criticism following the collapse of FTX in November 2022, leading to legal issues for several former FTX officials.
