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Gary Gensler, Chair of the Securities and Exchange Commission (SEC), will step down on January 20, paving the way for President-elect Donald Trump to nominate a successor.
The announcement, made on Thursday, confirms Gensler’s departure earlier than his term’s 2026 expiration date, as many had anticipated.
Appointed in 2021, Gensler spearheaded an ambitious regulatory agenda that included tightening oversight of cryptocurrencies and increasing corporate disclosures. His tenure sparked both praise and criticism for its rigorous approach. Speculation suggests Trump’s pick for the new SEC chair will likely favor Wall Street and adopt a more crypto-friendly stance.
In a statement, Gensler reflected on his time at the SEC, highlighting its commitment to protecting investors and maintaining robust capital markets. “Serving alongside such dedicated public servants has been an honor of a lifetime,” he noted.
During his leadership, the SEC implemented key reforms, including reducing settlement times for stock trades to one day, a measure partly influenced by the 2021 meme stock frenzy. The commission also pushed for enhanced transparency from publicly traded companies and financial advisors, aiming to bolster investor protections.