Gary Gensler will step down as chair of the US Securities and Exchange Commission • AFP Photo credit: ANDREW CABALLERO-REYNOLDS
The top US securities regulator, a skeptic towards cryptocurrency who was appointed by President Joe Biden, announced Thursday he will step down in January when Donald Trump takes office.
Gary Gensler, chair of the Securities and Exchange Commission (SEC), said he will resign on January 20, the same day Trump assumes the presidency. The move clears the way for the president-elect to pick Gensler’s successor.
The news comes as bitcoin hit a fresh record, trading above $99,000 and nearing the symbolic $100,000 level.
Gensler’s five-year term does not end until 2026, but agency chairs customarily step down when the party of presidential administration turns over. During the election campaign, Trump promised to fire him.
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