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SEC Chair Gary Gensler, who took aim at crypto industry, to step down in January

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Gensler said he would step down on Jan. 20, when Donald Trump will inaugurated as the next president. Gensler took big enforcement actions against the crypto industry.

Gary Gensler, the U.S. financial regulator who crypto investors loved to hate, will leave the Securities and Exchange Commission on Jan. 20, the agency announced on Thursday.President-elect Donald Trump, who will be inaugurated on that day, had promised to fire Gensler"on day one." He technically does not have the authority to do so, and Gensler's five-year term at the SEC runs until 2026.

"The SEC has met our mission and enforced the law without fear or favor," Gensler said in a press release announcing his departure, while praising the agency's"high-impact enforcement cases to hold wrongdoers accountable and return billions to harmed investors" under his tenure.Many of those actions cracked down on the cryptocurrency industry, suing companies for fraud and money laundering and assessing billions of dollars in fines.

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SEC Chair Gary Gensler — who clashed with Wall Street and crypto industry — to step downHis sweeping agenda and uncompromising posture sparked intense pushback from Wall Street.
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