Could Gary Gensler resign from SEC at the end of November?
Could Gary Gensler resign from SEC at the end of November? 
Cryptocurrency Nov 18, 2024 Share
Rumors have emerged that the current Securities and Exchange Commission (SEC) Chair, Gary Gensler, could announce his resignation as early as this month.
With Donald Trump having vowed to fire Gensler, speculation in Washington indicates that he is set to announce his resignation after Thanksgiving, with plans to exit in early January ahead of Trump’s inauguration, according to a post on X by Fox Business reporter Eleanor Terrett on November 16.
“It’s anyone’s guess when his resignation announcement will come, but chatter in DC circles is that he’ll likely announce after Thanksgiving his intention to exit in early January, ahead of Trump’s inauguration,” Terrett said.
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If the resignation materializes, Gensler will not complete his tenure, which was set to expire in 2026.
“While Donald Trump’s pick for SEC chair remains unknown, it looks increasingly likely that Gary Gensler will step down voluntarily and choose not to finish his term as commissioner (which would expire in 2026), as some had speculated he may have done,”
Following Gensler’s perceived anti-crypto stance, Trump had pledged to dismiss the executive as part of his promises to the cryptocurrency community.
Possible Gensler replacements
The field is already seeing a rise in speculation regarding who will likely take over Gensler. According to Terrett, former SEC Commissioner Paul Atkins and attorney Brad Bondi, known for their pro-crypto stances, are reportedly under consideration.
Atkins, a board member of the Digital Chamber of Commerce, and Bondi, a seasoned DeFi advisor, advocate for lighter regulation in the digital asset space.
Other candidates include Robinhood’s Chief Legal Officer Dan Gallagher, former SEC General Counsel Bob Stebbins, and former CFTC Chair Heath Tarbert.
Gallagher, however, has reportedly hinted he might prefer staying in his current role. At the same time, Stebbins, rumored to have backing from former SEC Chair Jay Clayton, could align closely with the Trump administration’s policies on crypto.
Meanwhile, GOP SEC Commissioner Mark Uyeda is a potential candidate for acting chair, though sources suggest Hester Peirce, often dubbed ‘Crypto Mom,’ is unlikely to pursue the top spot.
Gensler has been widely viewed as stifling the cryptocurrency space, primarily through litigation against key players in the sector, such as Ripple and Coinbase.
Trump had pledged to regulate cryptocurrencies with a balanced approach, ensuring investor safety while fostering innovation.
President-elect Trump also vowed to establish a strategic Bitcoin reserve and position the U.S. as the global cryptocurrency capital. Central to this plan, he said, would be removing Gensler as SEC Chair. Following his election, the crypto market has reacted positively, with assets such as Bitcoin (BTC) soaring to record highs.
Gensler hints at SEC exit
Gensler recently hinted at plans to leave the SEC, stating that he was “proud to serve” as chair while defending his approach to crypto regulation.
“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” he said at the 56th Annual Institute on Securities Regulation at the Practicing Law Institute in New York City.
Amid speculation about Gensler’s departure, 18 states and the DeFi Education Fund have filed a lawsuit against the SEC, accusing the agency of unlawfully and unconstitutionally targeting the crypto industry.
Featured image via Shutterstock
