Gary Gensler to step down as SEC chair on January 20 as Bitcoin hits record high

Gary Gensler announced he will step down as chair of the U.S. Securities and Exchange Commission on January 20, 2025, coinciding with Donald Trump's inauguration. His term was set to end in 2026, but it is common for SEC chairs to resign with a new presidency. Gensler's tenure has faced criticism for its impact on the cryptocurrency industry, with many claiming he failed to protect investors. His departure comes as Bitcoin reaches an all-time high, surpassing $100,000. Former SEC commissioner Paul Atkins is reportedly the leading candidate to replace Gensler. His appointment could signal a shift towards a more favorable stance on cryptocurrency regulation.