SEC Chair Gensler to Step Down After Trump Inauguration
SEC Chair Gensler Willto Step Down After Trump Inauguration
The Facts
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.US Securities and Exchange Commission (SEC) Chair Gary Gensler announced on Thursday that he would step down on 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.
The Spin
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 and 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 the financial 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.
