The Securities and Exchange Commission says Chair Gary Gensler will leave his post on Jan. 20, when Donald Trump will begin his second term as president. Gensler started his tenure in April 2021.
His exit likely means the SEC will be led by an acting chair from the Republican party: Hester Peirce or Mark Uyeda, industry watchers have said.
“I thank President Biden for entrusting me with this incredible responsibility,” Gensler said in a statement. “The SEC has met our mission and enforced the law without fear or favor.”
While Gensler took steps to crack down on the cryptocurrency industry, Trump has been vocal in his support of it and vowed to fire Gensler during his election campaign.
