Investing.com -- Securities and Exchange Commission Chair Gary Gensler is set to resign on Jan. 20, the SEC announced Thursday, just as many expect that President-elect Donald Trump's appointment for a chair is set to take a friendly approach to Wall Street and cryptocurrency.
Gensler, who took over the SEC in 2021, has been widely criticized for his tough stance on crypto regulation that many believe has
Eighteen states in the United States recently filed a lawsuit against the SEC and Gensler, accusing the agency of “gross government overreach” against the crypto industry.
The SEC chief is set to resign at a time when crypto is in rally mode, with Bitcoin (BitfinexUSD) hitting fresh record of $98,344.5 in recent trading as it closes in on $100,000.
While Trump hasn't yet announced his pick to lead the SEC, the next chair is widely believed to take a more friendly stance toward crypto as the president elect has vowed to make the U.S. the cryptocurrency capital of the world.
In a further sign of Trump's support of crypto, the president elect is considering whether to create a new White House role dedicated toward cryptocurrency policy, Bloomberg reported Wednesday.
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