Gary Gensler Resigns as SEC Chair
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Chair of the Securities and Exchanges Commission (SEC) Gary Gensler has announced his decision to step away from his role on January 20, 2025.
Gensler’s tenure began in 2021 following his direct nomination by President Joe Biden, and despite the chairman’s understanding of blockchain, as shown by his MIT Lecture from 2018, Gary Gensler became the mortal enemy of those who worked and invested in crypto.
Over the last 2 years, Gensler and the SEC have been repeatedly accused of “regulation by enforcement” and even a greater plan to thwart the crypto industry from the inside out, referred to as Operation Chokepoint 2.0.
On X, Gensler said, “It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital markets remain the best in the world. I thank @POTUS for entrusting me w/ this incredible responsibility. The SEC has met our mission & enforced the law w/o fear or favor.”
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The announcement comes within a week of Gensler’s last public statement on the SEC website that hinted at a potential resignation.
Individuals within crypto are already celebrating the announcement now that Gensler’s reign of terror is set to come to a close. Over the last year alone, the SEC has issued Wells Notices to many crypto companies, including Coinbase, OpenSea, Crypto.com and Consensys.
Jake Chervinsky, the chief legal officer at Variant, simply stated, “Regulators are term-limited. Technology is forever.”
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