Securities and Exchange Commission Chairman Gary Gensler will step down in January. 20 when President-elect Donald Trump’s administration takes over, the agency said Thursday, ending an ambitious tenure that saw it clash with Wall Street and the crypto industry.
“I thank President Biden for entrusting me with this extraordinary responsibility. The SEC has fulfilled our mission and enforced the law without fear or favor,” Gensler, who was nominated by Democratic President Joe Biden in 2021, said in a statement.
Known for his tough style, Gensler led an ambitious agenda to increase transparency, reduce systemic risks and eliminate conflicts of interest on Wall Street, passing dozens of new rules, some of which have been challenged in court. .
Among his major accomplishments were changes to increase the stability and efficiency of US markets, including speeding up trade settlements and overhauling the $28 trillion Treasury market, as well as a number of rules that boost investor disclosures and corporate governance.
The Baltimore native also successfully enforced rules mandated by Congress imposing SEC oversight on auditors of US-listed Chinese companies, ending a decade-long tussle with Beijing that lawmakers said had put American investors at risk.
On the enforcement front, Gensler’s SEC broke new ground with a multi-year effort focused on Wall Street’s use of text, WhatsApp and other unauthorized channels to discuss business, levying more than $2 billion in fines against dozens of firms , including JP Morgan and Goldman. Sachs.
He also took on the crypto industry, suing Coinbase, Kraken, Binance and others, alleging their failure to register with the agency violated SEC rules, charges the companies deny and are fighting in court.
When it comes to crypto, the courts have largely supported Gensler’s positions.
But his sweeping agenda and uncompromising stance drew strong backlash from Wall Street as well as congressional Republicans and even some Democrats.
The U.S. Chamber of Commerce, the Fund Management Association and other groups sued the conservative-leaning U.S. Fifth Circuit Court of Appeals and elsewhere to strike down at least eight rules, arguing they were unjustified, harmful or outside the authority of the SEC.
#SEC #Chairman #Gary #Gensler #clashed #Wall #Street #crypto #industry #resign
Image Source : nypost.com