U.S. Securities and Exchange Commission Chair Gary Gensler has announced that he is going to step down on Jan. 20, 2025.
In his statement, Gensler said that the SEC is a "remarkable" agency whose "mission-driven" staff is focused on protecting investors. "The staff comprises true public servants," he added.
"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," Gensler stressed.
As reported by U.Today, Dan Gallagher, chief legal officer at Robinhood, is currently the frontrunner in the race to replace Genser. However, there are other contenders as well.
Gensler's term was defined by his aggressive crackdown on the cryptocurrency industry, pursuing multiple legal actions against such prominent crypto firms as Ripple, Coinbase, and Binance.
The next SEC boss is widely expected to adopt a crypto-friendly policy.
The price of Bitcoin has reclaimed the $98,000 level following Gensler's resignation statement. Earlier today, the leading cryptocurrency reached a new record high of $98,310.
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Dan Burgin