SEC Chair Gary Gensler resigns as crypto industry seeks regulatory changes

SEC Chair Gary Gensler will resign on January 20, allowing President-elect Donald Trump to appoint a new chair. Gensler, who led the SEC since April 2021, focused on strict regulations for cryptocurrencies, which may change under new leadership. Trump's administration could create a more favorable environment for the crypto industry. Potential replacements for Gensler include former SEC official Daniel Gallagher and current commissioners Hester Peirce and Mark Uyeda. The crypto industry has significantly influenced the 2024 election, contributing over $119 million to candidates. Bitcoin's value has surged 40% since Trump's victory, nearing $100,000 following Gensler's resignation announcement.