SEC Chairman Gary Gensler to Depart Agency on January 20th 2025
Gary's tenure, which commenced April 17th, 2021, in the immediate aftermath of the highly publicized GameStop market events, and will end January 20th 2025
On November 21st, 2024, the Securities and Exchange Commission (SEC) announced the forthcoming departure of its 33rd Chair, Gary Gensler, effective January 20th, 2025.
Gary’s tenure, which commenced April 17th, 2021, in the immediate aftermath of the highly publicized GameStop market events, marks a period of significant regulatory activity and reform within the US capital markets.
According to the agency report, “Gary’s leadership steered the agency through a comprehensive rulemaking agenda focused on enhancing market efficiency, resilience, and integrity, alongside robust enforcement actions aimed at accountability and investor protection”.
Gary Gensler SEC Departing Statement
In his departing statement, Chair Gensler lauded the SEC’s dedicated staff, characterizing them as deeply mission-driven public servants committed to protecting investors, facilitating capital formation, and ensuring fair market operation for both investors and issuers.
Additionally, he expressed gratitude to President Biden for the opportunity to serve and acknowledged the collaborative efforts of fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga, as well as Congress, fellow government agencies, and international regulatory bodies.
According to the source report, Gary’s leadership oversaw critical improvements to the $28 trillion US Treasury markets, introducing rules designed to promote central clearing and limit exemptions from national securities association registration for broker-dealers. These reforms aim to reduce costs and risks, thereby enhancing overall market efficiency and stability.
Equally noteworthy are the advancements made in the $55 trillion US equity market, witnessing its first major overhaul in nearly two decades. Under unanimous Commission approval, the National Market System underwent significant updates to facilitate more efficient stock trading, characterized by narrower spreads and reduced fees. Further enhancements include the reduction of the settlement cycle to a single day, a move beneficial to investors and conducive to decreased market risk.
Trump Rally Support at Bitcoin Conference in Nashville
On July 29th, 2024, the Bitcoin Conference in Nashville, Tennessee, saw a surge of excitement as former presidential candidate Donald Trump took the stage and made a series of bold pronouncements about cryptocurrency.
Trump captured the audience’s attention when he declared that, upon assuming office, he would immediately fire SEC Chairman Gary Gensler and appoint a new agency leader. The crowd erupted in cheers, a reaction that seemed to surprise Trump.
“On day one, I will fire Gary Gensler and appoint a new SEC chairman,” Trump proclaimed amidst the roaring applause. “I didn’t know he was that unpopular.” He emphasized his intention, reiterating, “Let me repeat it. On day one, I will fire Gary Gensler.”
This declaration sparked a flurry of speculation about Trump’s stance on cryptocurrency regulation and the future of the SEC under a potential Trump administration.
Current SEC Chairman Gary Gensler has been a vocal advocate for greater oversight of the cryptocurrency market, initiating several investigations and enforcement actions against crypto companies.
