Photo credit: Jeenah Moon/Bloomberg

Gary Gensler, the 33rd Chair of the US Securities and Exchange Commission (SEC), has announced he will step down from his role on January 20, 2025, marking the end of a controversial tenure that began in April 2021. 

While Gensler highlighted achievements in rulemaking and enforcement during his term, the crypto community has responded with a mix of celebration and sharp criticism.

In his resignation announcement, Gensler reflected on his time leading the SEC, stating, “It has been an honor of a lifetime to serve with [the SEC staff] on behalf of everyday Americans and ensure that our capital markets remain the best in the world.” He also thanked President Biden and acknowledged his colleagues and international regulators for their collaboration.

Crypto Community Reacts

However, Gensler’s resignation has been met with widespread jubilation within the cryptocurrency space, where he has long been a polarizing figure. Critics have accused him of stifling innovation and implementing enforcement-first policies that many viewed as antagonistic toward the burgeoning digital asset industry.

On Twitter, several prominent voices expressed their relief and amusement. JackTheRippler, a notable crypto influencer, commented, “Congratulations, Gary Gensler! The ‘step down’ is your biggest achievement as the SEC Chair.”

XRP cryptowolf, a crypto analyst and member of the XRP community, remarked, “The XRP community and entire industry are so happy about Gary’s resignation.” Another user credited Donald Trump for the news

Under his leadership, the agency pursued a vigorous enforcement agenda, including lawsuits against major crypto firms like Ripple, Coinbase, and Binance. These actions sparked accusations of regulatory overreach from crypto advocates.

What’s Next for the SEC and Crypto?

As Gensler prepares to step down, speculation is mounting about who will succeed him and what this means for the future of cryptocurrency regulation in the U.S. The crypto industry hopes for a leader with a more balanced approach toward fostering innovation while maintaining investor protection.