Gensler announces resignation: Why the SEC chief is leaving
The US Securities and Exchange Commission (SEC) is facing a historic turning point. Gary Gensler, the controversial head of the authority, has announced his resignation for January 20th – the day Donald Trump moves back into the White House. With this step, the 67-year-old is preempting a possible dismissal, as Trump had already made it clear during the election campaign that he rejects Gensler’s strict stance on cryptocurrencies.
Gensler announces resignation: Why the SEC chief is leaving
Gensler’s term, which would have officially lasted until 2026, has now ended abruptly. Under his leadership, the SEC had taken a hard line on digital currencies and filed lawsuits against major crypto exchanges such as Binance, Coinbase and Kraken. Gensler treated cryptocurrencies like traditional financial products, which earned him sharp criticism from the industry. But that era is now over.
Trump’s return to office is causing a hype in the crypto scene. The Republican, who describes himself as a “pro-Bitcoin president,” has taken crypto-friendly positions during the election campaign. His election victory alone caused the Bitcoin price to explode. On Friday (November 22), the cryptocurrency reached a record value of $98,458.74. Experts attribute this increase directly to Trump’s victory and the announcement of Gensler’s resignation.
All because of Trump? Bitcoin on the rise after resignation
Trump is also in the starting blocks economically. Together with his three sons, he founded the platform World Liberty Financial , which specializes in crypto and financial investments. In addition, tech billionaire Elon Musk, a long-time supporter of digital currencies, is expected to play an important role as a government advisor.
According to the US election campaign authority FEC, crypto-friendly groups invested a total of $245 million in Trump’s election campaign. With this support, the president is apparently planning a fundamental reorientation of financial regulation. Observers expect a relaxation of crypto regulations and a massive boost for digital currencies after Gensler’s resignation.
The Gensler era is coming to an end, and with it the strict regulations that have so far slowed down cryptocurrencies in the US. For the crypto industry, Trump’s return means a new chapter – and possibly the fulfillment of his vision of a Bitcoin-friendly America.
