Gary Gensler will be replaced as chair of the SEC by crypto lawyer Mark Uyeda

What’s new? US Securities and Exchange Commission (SEC) Chairman Gary Gensler officially resigned following the inauguration of the 47th President of the United States, Donald Trump, on January 20. The regulator’s staff notes in a press release that Gensler, as chairman, “has been committed to bipartisan engagement and a respectful exchange of ideas, which has helped facilitate our service to the American public.”

Press release

What else is known? According to the statement, under Gensler’s leadership, the SEC finalized rules to promote market integrity and corporate governance, streamlined fund disclosure, shortened settlement times, and made necessary reforms to plans for insiders to buy and sell company stock.

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“Together we have returned billions of dollars to investors harmed by violations of the securities laws and helped educate the public on the risks and rewards of investing their savings. This record helps cement Chair Gensler’s legacy of unwavering commitment, not only to public service, but to the American investor,” officials emphasized.

Gensler joined the SEC in 2021. He previously served as the Chairman of the Commodity Futures Trading Commission, the Under Secretary of the Treasury for Domestic Finance, the Assistant Secretary of the Treasury for Financial Markets, and as a senior advisor for US Senator Paul Sarbanes.

During his tenure at the SEC, the agency was repeatedly criticized by lawmakers and crypto companies for its enforcement-driven approach to regulating the industry, which led to an exodus of startups overseas. The commission has refused to develop guidelines for crypto firms and has emphasized that it will continue to regulate the industry through lawsuits.

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Thus, under Gensler, the SEC filed lawsuits against leading crypto exchanges such as Binance, Coinbase, and Kraken, as well as fintech company Ripple with the XRP token. In the final days of Gensler’s tenure, the commission filed a lawsuit against network developer Helium; it also contains allegations of unregistered securities offering in the form of cryptocurrencies.

Gensler announced his departure on November 21, 2024, two weeks after Trump’s victory. Notably, Trump promised to fire Gensler on his first day in office.

Trump’s decision on January 20 appointed Mark Uyeda, one of the regulator’s five commissioners, as acting chairman of the SEC, who has consistently advocated for clear rules for the crypto industry to foster its development.

He will lead the regulator until June 5, 2026 — at which point Gensler will officially step down and crypto attorney Paul Atkins will take over, appointed as permanent head. Until then, Atkins will also work at the SEC in a lower position.

The appointment of Atkins as head of the SEC became known back at the end of last year. At the time, the head of crypto investment firm ARK Invest, Cathie Wood, said, “Atkins will free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world.”

Source: X.com