Gary Gensler has concluded his four-year tenure as Chair of the Securities and Exchange Commission (SEC), which began in 2021.
During his time as Chair, Gensler’s tenure encompassed the implementation of regulatory changes crafted to enhance market integrity, corporate governance, and investor protection, according to a farewell statement published by the SEC Commissioners on Monday.
The Commissioners’ statement highlighted Gensler’s achievements and commitment to public service.
“Together we have returned billions of dollars to investors harmed by violations of the securities laws and helped educate the public on the risks and rewards of investing their savings,” said the Commissioners.
Gary Gensler’s Last Day as SEC Chair
His tenure also included reforms in fund disclosures, insider trading plans, and settlement timelines. These changes contributed to the agency’s mission to protect investors and ensure efficient markets.
“This record helps cement Chair Gensler’s legacy of unwavering commitment, not only to public service, but to the American investor,” the statement reads.
When it comes to crypto regulations, Gensler is widely criticized by the community for aggressive measures including leveraging litigations against key industry players.
Under his leadership, the SEC pursued legal action against leading crypto exchanges such as Binance and Coinbase.
These lawsuits alleged that the platforms operated as unregistered securities exchanges and facilitated the trading of unregistered securities.
Another notable case involved Ripple Labs, where the SEC filed a lawsuit claiming that the sale of XRP tokens constituted an unregistered securities offering.
The high-profile litigation became a focal point for debates around how digital assets should be classified.
Trump’s Second Term Begins as Gensler Steps Down
While Gary Gensler’s departure marked the end of an era for the SEC, another transition unfolded on the same day in Washington, D.C.
Donald Trump was sworn in as the 47th president of the United States, marking a dramatic return to power after overcoming multiple impeachments, criminal indictments, and assassination attempts.
The ceremony, held indoors in the Capitol Rotunda due to frigid weather, was the first such venue change in four decades. An alternate event replaced the traditional inaugural parade.
In his inaugural address, Trump declared the start of “the complete restoration of America,” vowing to reverse the policies of outgoing President Joe Biden and restore public trust in government.
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