{"id":179896,"date":"2024-11-21T20:03:13","date_gmt":"2024-11-21T20:03:13","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/21\/gary-gensler-to-leave-role-as-sec-chairman\/"},"modified":"2024-11-21T20:03:14","modified_gmt":"2024-11-21T20:03:14","slug":"gary-gensler-to-leave-role-as-sec-chairman","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/21\/gary-gensler-to-leave-role-as-sec-chairman\/","title":{"rendered":"Gary Gensler to leave role as SEC chairman"},"content":{"rendered":"
\"Gary<\/div>


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The head of the US financial regulator, Gary Gensler, will resign from his role on the day of President-elect Donald Trump\u2019s inauguration.<\/p>\n

Mr Gensler confirmed the news on social media platform X after the Securities and Exchange Commission (SEC) said its 33rd chairman would step down on 20 January next year.<\/p>\n

\u201cI thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,” Mr Gensler said.<\/p>\n

Trump revealed plans to sack Mr Gensler on “day one” of his new administration after the chairman took legal action against crypto firms, sparking controversy in some quarters.<\/p>\n<\/div>\n

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Appointed SEC chair in 2021, Mr Gensler’s term is technically supposed to run until 2026, but it is normal for agency leaders to depart their positions when a new administration begins.<\/p>\n

The president-elect and Mr Gensler have very different views on cryptocurrencies, which has sparked tension between them.<\/p>\n

At a Bitcoin conference in July, Trump said he would make the US “the crypto capital of the planet”.<\/p>\n

In contrast Mr Gensler told the BBC in September that it was an industry \u201crife with fraud and hucksters and grifters\u201d.<\/p>\n

Under the Biden administration, SEC has led a crackdown on the industry, which resulted in a record high of 46 enforcement actions last year.<\/p>\n

Those cases led to the founders of two of the world\u2019s biggest crypto platforms, FTX\u2019s Sam Bankman-Fried<\/a> and Binance\u2019s Changpeng Zhao<\/a>, being sentenced to jail.<\/p>\n

It’s thought the new Trump administration will put far less resources into policing the industry.<\/p>\n

The SEC has also clashed with tech billionaire Elon Musk – who has become a strong ally of Trump’s. <\/p>\n

It has been investigating Mr Musk for potential fraud involving his purchase of social media platform X in 2022 – Mr Musk has accused the SEC of harassment and has refused to continue cooperating with its investigation.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The head of the US financial regulator, Gary Gensler, will resign from his role on the day of President-elect Donald Trump\u2019s inauguration. Mr Gensler confirmed the news on social media platform X after the Securities and Exchange Commission (SEC) said its 33rd chairman would step down on 20 January next year. \u201cI thank President Biden […]<\/p>\n","protected":false},"author":2,"featured_media":179897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/82f0\/live\/3401afb0-a83a-11ef-98bd-c3011bfd8fce.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[2874,19533,140773,25,266,6352],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/179896"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=179896"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/179896\/revisions"}],"predecessor-version":[{"id":179898,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/179896\/revisions\/179898"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/179897"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=179896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=179896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=179896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}