SEC Chair Gary Gensler, who led US crackdown on cryptocurrencies, to step down

abcnews.go.com:

Securities and Exchange Commission Chair Gary Gensler will step down from his post on January 20

Securities and Exchange Commission Chair Gary Gensler, who was aggressive in his oversight of cryptocurrencies, will step down from his post on January 20.

Gensler pushed for changes that he said protected for investors, but the industry and many Republicans bristled at what they saw as overreach.

President-elect Donald Trump had promised during his campaign that he would remove Gensler. But Gensler on Thursday <a class=«zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE » data-testid=«prism-linkbase» href=«https://x.com/GaryGensler/status/1859658192298574096?ref_src=» https:>announced

that he would be stepping down from his post on the day that Trump is inaugurated.

Bitcoin has jumped 40% since Trump’s victory. It hit new highs and was nearing $100,000 Thursday. Bitcoin moved notably higher after his resignation was announced.

Perhaps most famously, Gensler gave a speech during the first year of his chairmanship in 2021 where he described the world of crypto as “the Wild West.”

“This asset class is rife with fraud, scams, and abuse in certain applications,” he said in a speech at the Aspen Security Forum. “There’s a great deal of hype and spin about how crypto assets work. In many cases, investors aren’t able to get rigorous, balanced, and complete information.”

Under Gensler, the SEC brought actions against players in the crypto industry for fraud, wash trading and other violations. The commission brought fraud charges last month, for example, against three companies purporting to be market makers, along with nine individuals for trying to manipulate various crypto markets.

The SEC under Gensler also helped to make