Gary Gensler, the bane of the cryptocurrency industry's existence, will step down as Chair of the US Securities and Exchange Commission (SEC).

The market surged in response to news of Gensler's upcoming departure, with Ripple (XRP) up nearly 26%, while Bitcoin (BTC) nears the vital $100,000 mark.

The bane of the cryptocurrency industry’s existence will be stepping down.

Crypto Daily - The US Securities and Exchange Commission (SEC) Chair Gary Gensler will be stepping down from his role on January 20, 2025 – the day of President-elect Donald Trump’s inauguration.

Gensler to Resign the Day of Trump’s Inauguration

The agency announced the news in a statement detailing Gensler’s accomplishments since stepping into the role in the aftermath of the GameStop (NYSE:GME) market events.

The Chair is credited with streamlining the agency’s operations and focusing on the protection of retail investors, which he claims to have prioritized “in every decision.” Gensler also oversaw the SEC’s return to net profitability and the hiring of a diverse workforce.

"After considering my options, I've decided to step down from my role as Chair of the @SECU_gov on January 20, 2025.," Gensler said in a statement.

"I'm disappointed in Judge Torres's recent ruling, and I'm frustrated by the lack of clear crypto regulation that leaves institutions and consumers vulnerable. I had hoped to continue working towards legislation that would create a vibrant and compliant Web3 industry."

The agency announced that Gensler will be leaving the role to pursue other opportunities.

The SEC’s Crypto Crackdown

Gensler’s time at the helm of the SEC has seen the regulator come under intense scrutiny for its handling of the cryptocurrency sector.

The SEC sued several crypto firms and executives during Gensler’s tenure, aiming to assert the commission’s authority in the evolving digital asset domain.

Most notably, the SEC filed a lawsuit against Ripple in December 2022, alleging that the company sold unregistered securities in a $1.3 billion fundraising effort. Gensler expressed his disappointment in Judge Torres’s ruling in July, which largely favored Ripple and ruled that XRP was not a security.

Ripple’s XRP Surges As News Spreads

Unsurprisingly, Gensler said he was “disappointed” in Judge Torres’ ruling. Gensler’s dismay elicited serious clapback from Ripple CEO Brad Garlinghouse, who blamed the SEC for the regulatory “mess” surrounding cryptocurrencies. Garlinghouse commented:

"The court saw through the SEC's attempt to apply the securities law to technology in an attempt to expand the agency's jurisdiction. The judge's ruling was a decisive win for crypto and a setback for the SEC."

XRP has traded up by nearly 25% since the announcement of Gensler’s upcoming departure, reaching a day-high of $1.43.

The crypto market and community have naturally responded very well to the news, with Bitcoin (BTC) nearing the $100,000 mark. X has become a minefield of much-needed comedic responses from industry giants.

This content was originally published on Crypto Daily

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