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Securities and Exchange Commission (SEC) Chair Gary Gensler officially resigned from his post on Monday as Donald Trump was sworn in as president of the United States.
“Today is Chair Gensler’s final day at the Securities & Exchange Commission,” the other SEC commissioners said in a statement posted online Monday. “Although as Commissioners we approached policy issues from different perspectives, there was always dignity in our differences. Chair Gensler has been committed to bipartisan engagement and a respectful exchange of ideas, which has helped facilitate our service to the American public. For that we are deeply grateful.”
Gensler’s resignation clears the way for Trump’s SEC pick, Paul Atkins, to eventually take over the agency. Atkins’ appointment will need to be confirmed by the Senate.
“The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement in November, when he revealed his plans to resign. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Gensler’s term at the SEC runs to 2026, although leaders at federal agencies typically announce their resignations when a new administration comes into power. SEC Commissioner Jaime Lizárraga stepped down on Friday, as did the agency’s chief of staff, policy director, and chief economist.
While courting the cryptocurrency lobby on the campaign trail, Trump said he would fire Gensler “on day one” of his new term.
Gensler’s removal is a win for the crypto lobby, which has crusaded against the SEC official for the agency’s strict oversight of the industry. His SEC took on high-profile cases against a number of major industry players, such as Coinbase and Binance. According to the agency, 18% of its complaints were related to crypto.
According to the Blockchain Association, which represents almost 100 players in the industry, such as Grayscale and Paradigm, Gensler’s SEC brought forward more than 100 cases against the digital asset industry during his tenure. That cost the association’s members about $429 million in fees related to the litigation.
“You are a disgrace who forever tarnished the reputation of the SEC. That’s your legacy,” Gemini co-founder Tyler Winklevoss, whose company settled with the SEC last year, wrote in November. Billionaire entrepreneur Mark Cuban shared a link to the song “Hallelujah,” following the resignation announcement.
Atkins, who currently leads a consulting firm and was last employed at the SEC under George W. Bush’s administration, is a much friendlier face to the crypto lobby. He leads Digital Chamber’s Token Alliance, which advocates “best practices” for the crypto industry, and has opposed massive fines on companies that violate securities law. Digital Chamber’s stated goal is to “promote the acceptance and use of digital assets” and blockchain tech.
Atkins has also expressed support for dismantling Dodd-Frank, which enhanced federal regulatory authority following the disastrous 2008 financial crisis.
Internal Revenue Service Commissioner Daniel Werfel is also expected to step down on Monday despite his term ending in 2027. Trump has tapped Missouri congressman Billy Long as the next commissioner.