The cryptocurrency industry has begun celebrating the forthcoming resignation of the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who announced on Thursday that he will step down on January 20.
Gensler’s decision marks a significant turning point for the crypto community, which has often criticized his regulatory approach.
A Controversial Leadership
Gary Gensler’s tenure at the SEC has been characterized by his strict regulatory measures targeting cryptocurrency firms. His “regulation by enforcement” strategy prompted actions against several industry giants, including Coinbase, drawing sharp criticism from key players in the sector.
Paul Grewal, Chief Legal Officer at Coinbase, responded to Gensler’s resignation with restraint, remarking on Twitter, “My mom always told me if I didn’t have anything nice to say, don’t say anything at all. So I’m just gonna sit this one out.”
Ripple CEO’s Reaction
Ripple CEO Brad Garlinghouse, known for his outspoken criticism of Gensler’s policies, commented on the resignation with humor, posting a Thanksgiving-themed joke on X.
Garlinghouse has long accused Gensler of stifling innovation in the financial sector, once labeling him as “the Luddite of his time” for his anti-crypto stance.
Under Gensler’s leadership, Ripple was among the companies targeted by the SEC, most notably in the high-profile lawsuit that has had widespread implications for the broader cryptocurrency industry. Many within the sector hope Gensler’s resignation will lead to more constructive engagement between regulators and industry participants.
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Uncertainty Over Successor
As speculation grows about who might succeed Gensler, names like former SEC Commissioner Paul Atkins and Robinhood’s Chief Legal Officer Dan Gallagher have been floated as potential candidates.
Fox Business reporter Charles Gasparino suggested Atkins is a strong contender while betting markets currently favor Gallagher. The eventual appointment could influence the regulatory landscape for years to come.
Industry Implications
Gensler’s departure has sparked optimism among cryptocurrency leaders, who view it as an opportunity to shift away from the enforcement-heavy approach that has defined his tenure. Many industry participants call for a more collaborative regulatory framework to support innovation while addressing potential risks.
The transition in SEC leadership comes at a critical juncture for the cryptocurrency industry, with market participants eager to see whether the incoming chair will adopt a more balanced regulatory stance.
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