The possible resignation of Gary Gensler, the current chairman of the United States Securities and Exchange Commission (SEC), has begun to generate intense debate in the financial and cryptocurrency sphere.
According to recent revelations by Fox Business, Gary Gensler could be preparing to announce his resignation after Thanksgiving, which is celebrated in the United States on November 28.
American television channel journalist Eleanor Terrett, said Multiple sources have reported that Gensler will announce his resignation after the national holiday and may not complete his term as commissioner of the agency, which ends in January 2026. These rumors have gained traction after Gensler gave a speech in New York, in which he seemed to hint at his departure from the federal agency.
As reported by this media, Gensler's speech included reflections on his management at the head of the SEC, his role in the regulation of cryptocurrencies and even in the approval of futures and spot ETFs for the two main cryptocurrencies on the market: Bitcoin and Ethereum.
That thoughtful speech was interpreted by many as a farewell from his position, which has sparked further speculation about the impact of his departure and the future regulation of the cryptocurrency industry in the country.
Gensler is considering leaving his post at the SEC
Gensler, who has headed the SEC since April 2021 and has been a polarizing figure in the cryptocurrency world, is reported to be leaving the agency before President-elect Donald Trump's inauguration in early January.
For context, Trump promised that if he won the election he would take a friendly approach to regulating cryptocurrencies, in a way that would ensure investor safety but without stifling innovation in these digital assets. Trump also promised to create a Bitcoin strategic reserve and make the United States the crypto capital of the world. To accomplish this, he said one of the measures he would start by taking would be the dismissal of Gary Gensler as chairman of the SEC.
So far, Gensler has made himself known in the crypto industry as a strict and unyielding regulator, taking a regulatory approach that has been criticized by many.
The crypto community argues that Gensler’s enforcement and compliance policies have impeded cryptocurrency innovation, leading to a hostile climate for companies in the sector, with many seeking more favorable jurisdictions. This has been seen as negative both for the growth of innovation in the United States and for its continued leadership as a global technological power.
Eighteen states have recently sued the SEC, accusing it of overstepping its regulatory authority toward cryptocurrencies, adding pressure on Gensler's tenure at the helm of the financial regulator.
The impact of resignation on the crypto industry
Gensler's impending departure could have a significant effect on the cryptocurrency industry in the United States, mainly because the crypto community expects that whoever takes over the presidency after Gensler will be a person who understands the global importance of crypto assets. This could be a reality, considering the nominations that Trump has announced for his government cabinet to date, assigning important positions to influential people in the crypto world.
So with Gensler's possible departure later this month, it's possible that favorable regulatory changes toward cryptocurrencies are on the way and that the United States may begin to build a more conducive environment for innovation and growth in this potentially growing sector.
Should Gensler actually step down, several outlets have pointed out some of the names that could be his possible successors. Among them is Hester Peirce, an SEC commissioner known for her pro-crypto approach. Peirce has consistently advocated for the adoption of a clearer and less restrictive regulatory framework for crypto assets in the country.
Also on the list of possible successors to Gensler is Chris Giancarlo, also known as “CryptoDad,” who has been an active proponent of cryptocurrencies and digital assets. Brian Brooks, Heath Tarbert, and Norm Champ are also on the list of possible successors to Gensler as SEC chairman.
Although Trump has yet to nominate anyone for SEC chairman, his successor is expected to open the door to a more innovation-friendly environment.
