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And we say bye-bye to Gary Gensler in January.
Gensler, longtime chair of the Securities and Exchange Commission, will step down at noon on Jan. 20, the commission announced today.
“The [SEC] is a remarkable agency,” Gensler said in a news release. “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. The staff comprises true public servants. 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.”
Gensler’s term as chair isn’t up until 2026, but it’s customary that SEC heads step down when a new president occupies the Oval Office. Trump also promised on the campaign trail he’d fire Gensler “on day one.” While it wasn’t likely Trump could actually sack Gensler the same day he took the presidential oath, there were a few ways Trump could have gotten rid of him, as CFO Brew recently detailed.
The Gensler news also came as the value of the bitcoin cryptocurrency neared a “milestone” $100,000, MarketWatch observed. The Gensler-led SEC zealously went after the crypto industry, taking groups such as Coinbase, Cumberland DRW, and Kraken to court.
“I thank President Biden for entrusting me with this incredible responsibility,” Gensler added. “The SEC has met our mission and enforced the law without fear or favor.”