SEC Chairman Gary Gensler will step down on Jan. 20, pave the way for Trump’s successor
US Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before the House Financial Services Committee oversight committee on Capitol Hill in Washington, US September 27, 2023.
Jonathan Ernst Reuters
The Chairman of the Securities and Exchange Commission, Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to choose a successor soon.
Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his choice to lead the SEC, but the expectation is that the next chair will be friendly to Wall Street and crypto.
SEC commissioners serve five-year terms, so Gensler could stay until at least 2026. Instead, he is leaving the agency entirely, as was widely expected.
“The staff and the Commission are driven by a deep sense of purpose, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff is comprised of true public servants. It has been the honor of a lifetime to work with them on behalf of the American people every day and to ensure that our capital markets keep moving.” ahead of the world,” Gensler said in a press release.
Under Gensler, the SEC is moving to require more disclosures from publicly traded companies and financial advisors to investors. The agency also accelerated settlement times for stock sales to just one day, a change inspired in part by meme-stock trading in early 2021.
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