A new U.S. Securities and Exchange Commission Chair will be appointed in 2025.

Gensler Resigns as SEC Chair

Gary Gensler’s resignation as SEC Chair in January 2025 signals a major shift in cryptocurrency regulation. His aggressive enforcement drew criticism, and with bitcoin nearing $100,000, speculation grows that the next Chair under President-elect Trump will adopt a more industry-friendly approach.

Current SEC Chair Gary Gensler announced his resignation via press release on November 21, 2024. His departure is effective January 20, 2025, which coincides with President-elect Donald Trump’s inauguration.

SEC Press Release

The SEC press release states, “Gensler implemented reforms to enhance efficiency, resiliency, and integrity in U.S. capital markets; agency held wrongdoers accountable and returned billions to harmed investors.”

During his tenure, Gensler led significant regulatory initiatives, particularly in the cryptocurrency sector, resulting in over 2,700 enforcement actions and $21 billion in penalties. His departure is anticipated to usher in a more industry-friendly regulatory environment under the incoming administration.

Optimism Builds In Digital Assets

Digital asset industry leaders have praised Gensler’s decision to move on from the SEC.

It is widely accepted that the cryptocurrency industry is glad to see Gary Gensler resign due to his aggressive regulatory stance, which digital asset leaders viewed as stifling innovation and overly punitive.

Potential SEC Pick Likely To Be Pro-Crypto

All eyes are now on the various candidates who would replace Gensler as SEC Chair. Based upon Trump’s connection with the crypto community, many believe he will appoint a pro-crypto Chair.

Brian Armstrong, CEO of Coinbase, one of the largest crypto exchanges, posted on X his preferred pick is for Trump to appoint current SEC Commissioner Hester Peirce. Regarding Peirce as SEC Chair, Armstrong said,

“She would be the best choice. Smart, fair, professional. Can work with both sides.”

Another potential candidate is Mark Uyeda, also a current SEC Commissioner. Known for his pro-crypto stance, Uyeda has openly advocated for a defined and balanced approach to digital asset regulation and governance.

Dan Gallagher, who formerly served as a commissioner at the SEC, was also floated as a potential pick for Chair. However, Gallagher, who is now the Chief Legal Officer at Robinhood, stated he is not interested in returning to the SEC. Gallagher said:

“It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position.”

All Eyes On 2025

The SEC’s transition of leadership in 2025 marks a pivotal moment for the future of U.S. financial regulation, particularly in the cryptocurrency sector.

As speculation grows over who will succeed Gary Gensler, the industry braces for potential shifts in policy that could significantly impact innovation and compliance standards.

Meanwhile, bitcoin’s price continues its remarkable rally toward $100,000 per coin, reflecting renewed optimism in the crypto market and heightened anticipation for a more industry-friendly regulatory environment under the incoming administration.

If it seems everyone is talking about bitcoin these days, you’re onto something.

The digital currency has been hitting record highs and neared $100,000 this past week, having doubled in value throughout 2024. Launched in 2009, bitcoin is the first cryptocurrency, meaning that it’s a digital currency and does not rely on banks to verify transactions.

Bitcoin’s surge – up about 130% this year – is one of the “Trump trades,” market moves that have kicked in since former President Donald Trump’s victory in the Nov. 5 election.

Trump has dabbled in cryptocurrency – releasing crypto-based digital trading cards – and Trump Media and Technology Group, which operates Truth Social, is reportedly close to acquiring crypto trading firm Bakkt. The Trump family launched its own crypto firm, World Liberty Financial, in September.

Investors have wagered Trump’s support for bitcoin and other digital assets will lead to fewer restrictions on the industry. During the presidential campaign, Trump said he would make America the “world capital for crypto and bitcoin.”

Trump has tapped Tesla CEO and SpaceX founder Elon Musk to co-lead, with Vivek Ramaswamy, the new Department of Government Efficiency, or D.O.G.E. It’s an acronym for cryptocurrency called Dogecoin, which Musk supported as it became a phenomenon in 2021. 

Been hit with the bitcoin buzz, but don’t quite understand it? Here’s some bitcoin basics.

What is ‘Doge’?: Explaining the meme and cryptocurrency after Elon Musk’s appointment to D.O.G.E.

What is bitcoin?

Bitcoin is a digital asset, launched in 2009 by a person or group known as Satoshi Nakamoto and designed to have a cap of 21 million bitcoin tokens. Bitcoin is created as crypto miners use their computing work to validate bitcoin transactions on its decentralized blockchain network, essentially a digital ledger meant to prevent fraud. As the crypto miners work, they earn bitcoin.

So far, about 19 million tokens have been released. In April, bitcoin underwent a “halving,” which kicks in about every four years to reduce the rate at which new bitcoins are created and released into circulation. As the bitcoin cap of 21 million tokens nears, demand likely increases, according to Investopedia.