Gary Gensler’s tenure as the Chair of the U.S Securities and Exchange Commission (U.S SEC) has come to an end. Gensler’s resignation was announced today as Donald Trump is being sworn in as U.S President.
As announced by the U.S SEC today, “Today is Chair Gensler’s final day at the Securities & Exchange Commission. Although as Commissioners we approached policy issues from different perspectives, there was always dignity in our differences. Chair Gensler has been committed to bipartisan engagement and a respectful exchange of ideas, which has helped facilitate our service to the American public. For that we are deeply grateful.”
As he reflected on his time at the SEC, Gensler expressed his admiration for the agency and its mission. “The Securities and Exchange Commission is a remarkable agency,” he said in a statement. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Read also: US SEC: Gensler maintains stance on crypto regulation; resignation imminent. – Crypto Asset Buyer
Gensler’s reforms in the $123 Trillion U.S Capital Market
During his time at the U.S SEC, Gensler led the agency in adopting several reforms aimed at enhancing efficiency, resiliency, and integrity in the US capital markets. His tenure was marked by a robust rulemaking agenda, high-impact enforcement cases, and a focus on protecting investors.
Gensler’s journey began in the U.S. Department of the Treasury, where he served as the Assistant Secretary for Financial Markets and later as the under Secretary for Domestic Finance. One of Gensler’s most notable achievements was his role in shaping the regulatory framework for the $400 trillion swaps market. As the Chair of the Commodity Futures Trading Commission (CFTC), he worked tirelessly to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read also: U.S SEC’s XRP lawsuit against Ripple finally over.
Gensler’s alleged “regulation by enforcement” largely criticized by crypto operators in the U.S.
Gensler’s approach to regulating the cryptocurrency industry was often met with criticism from industry leaders, who argued that his “regulation by enforcement” strategy stifled innovation and investor confidence. Despite this, his leadership paved the way for significant developments in the industry, including the approval of Bitcoin spot price exchange-traded funds (ETFs), but only after a court order made the U.S SEC to reconsider its stance.
The SEC under Gensler’s leadership brought over 100 crypto-related enforcement actions, following the 80 cases initiated by former chair Jay Clayton during the initial coin offering boom of 2017–2018. Gensler maintained that most crypto assets qualify as securities, except bitcoin.
With Gensler’s complex legacy in the cryptocurrency industry, some industry leaders are expressing relief at his departure, while others acknowledge the significant impact he had on the industry’s development.
“You are a disgrace who forever tarnished the reputation of the SEC. That’s your legacy,” Gemini co-founder Tyler Winklevoss, had remarked in November. Billionaire entrepreneur Mark Cuban also shared a link to the song “Hallelujah,” suggesting a big relief following Gensler’s resignation.
Read also: US SEC: Gensler maintains stance on crypto regulation; resignation imminent. – Crypto Asset Buyer
Gensler’s reforms in the $123 Trillion U.S Capital Market
During his time at the U.S SEC, Gensler led the agency in adopting several reforms aimed at enhancing efficiency, resiliency, and integrity in the US capital markets. His tenure was marked by a robust rulemaking agenda, high-impact enforcement cases, and a focus on protecting investors.
Gensler’s journey began in the U.S. Department of the Treasury, where he served as the Assistant Secretary for Financial Markets and later as the under Secretary for Domestic Finance. One of Gensler’s most notable achievements was his role in shaping the regulatory framework for the $400 trillion swaps market. As the Chair of the Commodity Futures Trading Commission (CFTC), he worked tirelessly to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read also: U.S SEC’s XRP lawsuit against Ripple finally over.
High expectations as Paul Atkin Takes Over Soon …
As the SEC enters a new era, the U.S SEC is expected to transition to a Republican majority, with Commissioners Hester Peirce and Mark Uyeda preparing to begin reforms focused on clarifying crypto asset securities classifications and reviewing enforcement cases.
Paul Atkins, a pro-crypto former U.S SEC commissioner, is set to take over as U.S SEC Chair, pending Senate confirmation. Under Atkins’ leadership, the crypto industry will be watching closely to see how regulatory policies evolve under what is expected to be a new pro-crypto Donad Trump administration.
Read also: Gary Gensler: The Imminent Resignation of the US SEC Chair and His Legacy.
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