PANews reported on November 22 that according to an announcement released on the official website of the U.S. Securities and Exchange Commission (SEC), SEC Chairman Gary Gensler will officially step down at noon on January 20, 2025. Since taking office on April 17, 2021, Gensler has promoted a number of important reforms, including capital market efficiency, resilience, and integrity. During his tenure, the SEC completed thousands of enforcement actions, recovered approximately $21 billion in fines, and returned $2.7 billion to damaged investors.

Gensler has made significant enforcement efforts in the field of cryptocurrency, taking action against false transactions, registration violations and other behaviors. According to SEC data, about 18% of reports in fiscal year 2024 were related to cryptocurrency. In addition, he has promoted a number of rule reforms, including shortening the stock settlement cycle to one day, enhancing network and climate risk disclosure, and strengthening supervision of investment advisors.

Gensler previously served as CFTC chairman and MIT professor, and has extensive experience in the Obama administration and on Wall Street.