The S.E.C.’s Chief Is Worried About A.I.
New York TimesAug 12, 2023
US Securities and Exchange Commission (SEC) Chair Gary Gensler on Thursday announced in a statement that he will step down Jan. 20, 2024 — the day Pres.-elect Donald Trump will take his oath of office.
In a thread posted on X, Gensler thanked Pres. Joe Biden and called serving as SEC chair "an honor of a lifetime." Gensler's term technically doesn't end until 2026, but it's not unusual for agency leaders to leave when an administration changes.
Trump had vowed during his campaign to remove Gensler upon taking office. Gensler has been a critic of the cryptocurrency market, calling it "the Wild West" during a 2021 speech and suing COIN.N, Kraken, Binance and other companies for alleged violations of SEC rules.
Clearly the crypto industry, which contributed heavily to Trump and Congressional Republicans' campaigns, is calling the shots now. Gensler fought the good fight to bring transparency to markets, as well as set standards for climate disclosures cyber security. But unfortunately the next administration isn't interested in regulations that will protect average Americans and the economy.
One way or another, Trump was going to replace Gensler with someone who better knows how to get industry, including the crypto markets, booming. So Gensler has made the future president's job easier. Gensler was always overreaching with his climate regulations and investigations and was another failed part of the lousy outgoing Biden administration.