The head of the US securities regulator announced on Thursday that he will step down on 20 January, coinciding with the inauguration of Donald Trump as President of the United States.
Securities and Exchange Commission (SEC) Chairman Gary Gensler was known as a strong advocate for stricter regulation of cryptocurrency markets. During his presidential election campaign, Trump expressed his disdain for such regulations and promised to dismiss Gensler quickly.
Gensler said it was a great honour to lead the SEC. "I thank President [Joe] Biden for entrusting me with this incredible responsibility," he said. "The SEC has fulfilled its mission and enforced the law without fear or favour."
Under Gensler's chairmanship, which was due to end in April 2026, the SEC initiated legal actions against several major cryptocurrency platforms. The regulator accused these companies of evading SEC oversight in services that should be regulated.
News of Gensler's departure gave a significant boost to the price of bitcoin. In the minutes following the announcement, the digital currency surged to a record value of $98,473.64 per unit.
