Gary Gensler to Resign as US SEC Chair in January 2025
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- Gensler has been under pressure to step down ever since Trump was elected president of the US.
- Gary Gensler’s departure from the US SEC is scheduled for January 20, 2025.
SEC Chair Gary Gensler will be resigning from his post next year, according to the US Securities and Exchange Commission (SEC). Gensler has been under pressure to step down ever since Donald Trump was elected president of the United States.
Gary Gensler’s departure from the US SEC is scheduled for January 20, 2025, according to a press release. This news was also verified by the US SEC chair in an X post.
Coincidentally, Donald Trump’s inauguration as the 47th president of the US takes place on the same day. Since the first day of his presidency, President-elect Trump has pledged to dismiss the SEC Chair, prompting some to ask for his resignation. One of them is John Reed Stark, a former official of the SEC.
Protracted Legal Dispute
Gensler also took the time after the news to think back on his tenure with the Commission. An “honor of a lifetime” to work alongside colleagues at the SEC, he said. Also, he expressed his gratitude to President Biden for giving him the chance to serve. From April 2021 forward, Gensler has presided over the US SEC. Throughout his tenure, he has taken the lead in many lawsuits against the cryptocurrency sector.
Among them is the protracted legal dispute between Ripple and Gary Gensler, who succeeded Jay Clayton, on the question of whether XRP constituted a security. The allegation that these assets are “digital asset securities” has been repeated by the Agency.
Stuart Alderoty, chief legal officer (CLO) of Ripple, expressed confidence in the transition team’s ability to make the correct decision for crypto, keeping six factors in mind, in response to Gary Gensler’s remarks.
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