US SEC Chair Gary Gensler to step down in January
US SEC
A Bloomberg report shows that US Securities and Exchange Commission Chair Gary Gensler intends to resign on January 20th. This comes as he faces strong opposition from Wall Street and the cryptocurrency industry over his aggressive agenda.
Gensler said, "The Securities and Exchange Commission is a remarkable agency." he added, "The staff and the commission are deeply mission-driven, focused on protecting investors, facilitating capital formation and ensuring that the markets work for investors and issuers alike."
Upon his departure, the SEC will be led by an acting chair, who is widely believed to be one of two republican commissioners, Mark Uyeda or Hester Peirce. President Joe Biden selected Gensler, a self-described "markets guy," in 2021.
Gensler has pursued an aggressive agenda, which includes improvements to stock trading, disclosures about climate risk, and crackdowns on crypto scofflaws. The nominee for head of the SEC that the Trump administration selects may want to ease Gensler's signature regulations. The new chief is expected to adopt a stance that is more crypto-friendly.
Trump's SEC will likely relax its enforcement policies regarding the use of third-party messaging applications by brokers, banks, and hedge funds.
A potential regulation shift by the SEC may have a profound impact on the digital asset business. Crypto fraudsters, along with corporations like DRW Holdings and proprietary trading giant Coinbase Global, were relentlessly pursued by Gensler for failing to register with the government.
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The industry strongly disagreed, claiming he had not adequately accounted for the new asset class within established frameworks that were decades old.