Many people can say many things about current SEC chair Gary Gensler, but perhaps the most prominent one, at least in recent times, is that he was anti-crypto. A man marked for sure dismissal upon Trump’s takeover of Presidential power, his four-year tenure was marked by solid enforcement against the crypto sector. But while Gensler is going down soon, he has certainly shown that he will be going with his head held up high. 

Last week,  at the Practising Law Institute’s 56th annual conference on securities regulation, Gary Gensler delivered what is widely considered his farewell speech. He stated that the SEC is a remarkable agency. He also acknowledged that it “has been a great honor to serve with them” in ensuring that US capital markets remain “the best in the world”. 

While he never clearly stated that he was resigning at the time, many netizens took the tone of his statement as a clear farewell speech in awareness that the SEC boss was already clearly marked on President-elect Donald Trump’s firing list.

The reasoning behind his infamy among the crypto community is evident. He has been known for his public criticism of crypto. He once called crypto a source of ”significant investor harm” even though he would go on to approve Bitcoin ETFs, a very controversial move. 

He is also credited for several enforcement actions against significant crypto companies, including Coinbase, Binance, and Kraken. Gensler, however, took his chance to defend his crypto stance at the event. 

Gensler stated that while he does not consider Bitcoin a security, the SEC was more focused on “some of the 10,000 or so other digital assets, many of which the courts have ruled were offered or sold as securities,” making them subject to his department's purview. 

He also said that the failure to properly police the crypto industry has resulted in “significant investor harm,” adding that “the vast majority of crypto assets have yet to prove out sustainable use cases.”

Through a press release published on 21 November, the SEC has announced that the SEC chair will be stepping down on January 20, 2025. Many believe this is in light of his inevitable dismissal by self-acclaimed “crypto president” Donald Trump. 

However, The crypto community has responded positively to Gensler’s resignation disclosure. Justin Sun, founder of Tron, jokingly offered Gensler a position in the crypto industry, of which Gensler is not a fan. 

Trump has already promised many pro-crypto changes to the current crypto regulations. News has it that the president-elect already has three pro-crypto candidates in mind to replace the outgoing Gensler. 

Trump is also believed to be creating a permanent crypto advisor position in the US government, and different key crypto figures have already been linked to the job. 

Gensler’s resignation is generally considered positive for the crypto industry. Many believe it will usher in perhaps the best time in crypto history. The market itself is already reflecting this sentiment as Bitcoin gets significantly close to $100,000.

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