Representative French Hill, R-Arkansas, said the U.S. government’s decision comes as Elon Musk and Vivek Ramaswamy spearhead the Department of Government Efficiency and are suing the SEC over its crackdown on cryptocurrencies and government regulatory efforts. Discuss the debt deficit.
Chairman of the Securities and Exchange Commission (SEC) Gary Gensler On Thursday, he announced his timetable for leaving the regulator, which he has led for more than three years.
Mr. Gensler will resign from the SEC at noon on January 20, 2025, on Inauguration Day, when President-elect Donald Trump will be sworn in as the 47th president. Mr. Gensler’s term as SEC Commissioner was scheduled to expire on June 5, 2026.
SEC chair Both men are appointed by the president, and Gensler’s resignation will give President-elect Trump the opportunity to name Gensler’s long-term successor. In recent presidential transitions, incumbent SEC chairs from the incoming president’s opposing party resigned on or before Inauguration Day to allow the process to take place.
“The Securities and Exchange Commission is a great institution,” Gensler said in a statement. “Our staff and committee have a deep sense of mission and are focused on protecting investors, promoting capital formation, and ensuring markets work for investors and issuers alike. Our staff is made up of true public servants, and it is the honor of a lifetime to serve in this role, working with them on behalf of ordinary Americans to ensure that our capital markets are the best in the world. I guarantee that it will continue to be. ”
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SEC Chairman Gary Gensler has announced that he will resign upon the inauguration of the Trump administration on January 20, 2025. (Andrew Caballero Reynolds/AFP via Getty Images/Getty Images)
“I thank President Biden for entrusting me with this great responsibility. The SEC has fulfilled our mission, enforcing the law without fear or favor,” Gensler said, as well as his fellow SEC commissioners and Congress. He also expressed his gratitude to the authorities and regulatory authorities.
Mr. Gensler faced criticism for his approach to regulation. digital assets This field has gained attention in recent years amid the rise of cryptocurrencies and non-fungible tokens (NFTs). Under his leadership, the SEC has brought enforcement actions against numerous cryptocurrency companies and other entities in the digital asset space as part of its efforts to root out bad actors.
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The SEC’s oversight of the cryptocurrency and digital asset sector under Gensler’s leadership drew criticism. (Kevin Dietsch/Getty Images/Getty Images)
Critics argued that the agency was too aggressive in its oversight of emerging industries and could stifle growth.
In response to Gensler’s regulatory approach, President Trump promised during the campaign to remove Gensler as SEC chairman, despite calls from some supporters of Vice President Kamala Harris to remove him from office. did not take a stance on whether he would remain in the position.
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Gary Gensler has served as SEC Chairman since April 2017. (Photographer: Andrew Haller/Bloomberg/Getty Images)
In early 2024, the SEC, led by Gensler, approved the first spot. Bitcoin Exchange Traded Fund (ETF) Track the prices of cryptocurrencies, including those offered by various financial companies. The first approval batch included 11 spot Bitcoin ETFs.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| ibit | ISHARES Bitcoin Trust – USD ACC | 55.95 | +2.23 |
+4.16% |
| EZBC | Franklin Bitcoin ETF – USD DIS | 56.90 | +2.19 |
+4.00% |
| FBTC | Fidelity Wise Origin Bitcoin Fund – USD ACC | 85.90 | +3.36 |
+4.07% |
| BTC | Grayscale Bitcoin Mini TRT ETF Bitcoin Mini Trust BTC ETF | 43.55 | +1.71 |
+4.08% |
| BTCW | WisdomTree Bitcoin Fund – USD ACC | 104.34 | +4.16 |
+4.15% |
| Hodor | VANECBITCOIN TRUST – USD DIS | 111.19 | +4.62 |
+4.34% |
Over the summer, the SEC granted stock exchanges approval to begin listing the first spot Ethereum ETF that tracks prices. ether cryptocurrency.
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President Trump has not yet named a replacement for Gensler at the SEC, but it is possible he will. The Senate Banking Committee has jurisdiction over SEC nominees.
