Securities and Exchange Commission Chair Gary Gensler will step down from his post on January 20.
Since taking the lead at the SEC, the commission was aggressive in its oversight of cryptocurrencies and other regulatory issues.
President-elect Donald Trump had promised during his campaign that he would remove Gensler, who has led the U.S. government’s crackdown on the crypto industry and repeatedly called for more oversight. But Gensler on Thursday announced that he would be stepping down from his post on the day that Trump is inaugurated.
Bitcoin has jumped 40% since Trump's victory.
Gensler served in his position during the SEC's adoption of critical enhancements to the $28 trillion U.S. Treasury markets; the first significant updates to the $55 trillion U.S. equity market in almost 20 years and a number of changes related to corporate governance.
Gensler started his tenure in April, 2021.
The Associated Press