Securities and Exchange Commission (SEC) Chair Gary Gensler will step down from his role when President-elect Trump takes office on Jan. 20, he announced Thursday.
“The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement. “The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
“I thank President Biden for entrusting me with this incredible responsibility,” he continued. “The SEC has met our mission and enforced the law without fear or favor.”
Like many of President Biden’s appointees, Gensler was expected to step down ahead of Trump’s inauguration. Federal Communications Commission (FCC) Chair Jessica Rosenworcel announced Wednesday that she will also depart on Jan. 20.
Gensler, who previously held roles in the Clinton and Obama administrations, was confirmed as SEC chair in March 2021.
He has been a particularly controversial figure in the Biden administration, drawing the ire of the business community on multiple fronts.
The cryptocurrency industry has been especially critical of Gensler, who they have accused of regulating by enforcement and failing to provide clarity on the rules of the road for digital assets.
The SEC chair even became a target of Trump as the president-elect increasingly embraced the crypto industry. At a bitcoin conference over the summer, Trump vowed to remove Gensler if elected.
It remains to be seen who the president-elect will select to run the commission when he takes office, although his other Cabinet picks have already signaled support for the crypto industry.
Trump tapped Howard Lutnick, chairman and CEO of Cantor Fitzgerald and the co-chair of his transition, to lead the Department of Commerce on Tuesday. Lutnick is a major proponent of the crypto industry.