Key Takeaways
- Gary Gensler will step down as SEC Chair on January 20, 2025.
- SEC Chair highlights crypto enforcement as 18% of agency tips focused on digital assets, despite their small market share.
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SEC Chair Gary Gensler will step down from his position on January 20, 2025, after serving as the agency’s 33rd chair since April 17, 2021, according to an SEC press release.
“The Securities and Exchange Commission is a remarkable agency, I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor.” Gensler said.
During his tenure, Gensler oversaw reforms in the $28 trillion US Treasury markets and made the first major updates to the $55 trillion US equity market in nearly two decades.
Under his leadership, the SEC filed more than 2,700 enforcement actions and obtained approximately $21 billion in penalties and disgorgement orders.
The agency returned more than $2.7 billion to harmed investors between fiscal years 2021 and 2024.
Gensler’s tenure was marked by heightened scrutiny of the crypto industry.
The SEC pursued enforcement actions against crypto intermediaries for fraud, registration violations, and other misconduct, with Gensler emphasizing that securities laws apply to all securities, including digital assets.
In the last fiscal year, 18% of the SEC’s tips, complaints, and referrals were crypto-related, despite crypto representing less than 1% of US capital markets.
Under his tenure, the SEC approved multiple Bitcoin and Ethereum ETFs, including spot and futures products, though critics argue these approvals were overdue.
The ongoing SEC lawsuit against Ripple has also drawn criticism, as the case has dragged on for years with appeals from both sides, potentially extending beyond 2025.
With no clear replacement for Gensler, several names have been mentioned on a so-called short list, including Robert Stebbins, Paul Atkins, Robinhood Chief Legal Officer Dan Gallagher, Brian Brooks, and recently, Teresa Goody Guillén.
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