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Alternative Market Briefing

Gary Gensler to leave the US SEC

Monday, November 25, 2024

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), announced on Thursday that he would leave the agency on January 20, 2025 - the day of President-elect Donald Trump's inauguration. The latter, a proponent of cryptocurrency, had previously promised to fire Gensler "on day one" - even though he does not technically have the authority to do so. Reportedly, the agency's chairs have traditionally resigned when a new administration is elected. Gensler's five-year term was to end in 2026.

According to an account of his achievements on the SEC website, Gensler, who began his tenure in April 2021, led the SEC through significant reforms aimed at improving the efficiency, resilience, and integrity of U.S. capital markets.

Under Gensler's leadership, the Commission adopted amendments regarding Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, and reforms to money market funds. The SEC also pursued high-profile enforcement actions, recovering billions for harmed investors. The agency returned more than $2.7bn to investors and imposed over $21bn in penalties from 2021 to 2024. Notably, Gensler's SEC addressed misconduct in the cryptocurrency sector, filing actions......................

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