- SEC Chair Gary Gensler announces resignation effective January 20, 2025.
- His tenure saw critical reforms in Treasury and equity markets, boosting efficiency.
- The agency heightened crypto enforcement with over $21 billion in penalties under his leadership.
Gary Gensler, the 33rd Chair of the U.S. Securities and Exchange Commission (SEC), announced his resignation effective January 20, 2025, marking the end of an eventful tenure that began in April 2021.
Having navigated the agency through rough waters, including the aftermath of the GameStop saga, Gensler put the emphasis during his tenure on market resiliency and the protection of investors.
He reflected on his role and expressed his gratitude to President Biden, all his fellow commissioners, and the staff of the Commission for their commitment to the robustness of the US capital markets.
Strengthening Markets Amid Rapid Changes
Gensler oversaw the Securities and Exchange Commission to spark transformative changes across Treasury and equity markets. Efficiency improvements in the $28 trillion treasury market followed reforms that encouraged central clearing and narrowed broker-dealer exemptions.
Meanwhile, the $55 trillion equity market was overhauled for the first time in almost two decades, with reforms including a reduction in the settlement cycle and increased transparency of broker execution, which helped to reduce investors’ risks and their costs.
Gensler also discussed resilience in private fund reporting, which calls for current reporting of extraordinary events. New rules better positioned the commission to handle systemic risks and brought more transparency to the asset management sector.
SEC Chair’s Pivotal Role in Crypto Oversight
During Gensler’s term, the crypto sector came very much into focus as the agency pursued enforcement actions against fraud, registration violations, and market misconduct proficiently. More than 2700 enforcement actions under his watch brought in $21 billion in penalties out of which $2.7 billion was returned to injured investors.
Crypto was less than 1% of US capital markets yet made up a huge portion of the agency enforcement. The staunch stance by Gensler brought in landmark courtroom wins, which significantly cemented the SEC’s powers in the regulation of securities irrespective of form. His legacy leaves a reinforced regulatory framework and a message that US capital markets remain vigilant in the protection of investors.
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