The U.S. Securities and Exchange Commission Chair Gary Gensler has announced his resignation, which will take effect on January 20, 2025.

Appointed by Biden Gensler has been outspoken in his opposition to crypto regulation. Following the House’s passage of the FIT21 bill, he publicly opposed it.

He took a tough stance against the cryptocurrency sector during his term, spearheading enforcement actions against well-known platforms like Coinbase, Binance, and Kraken for alleged violations of securities laws.

It is believed that his resignation could bring a major change in crypto market

Gensler is generally viewed with skepticism and frustration by the crypto industry. Many people think that his stringent enforcement tactics and designation of the majority of cryptocurrency assets as securities have hindered innovation and produced legal ambiguity.

There was bipartisan opposition to Gensler’s term, especially in relation to the SEC’s management of digital assets. Prominent personalities in the financial and cryptocurrency industries, including Teresa Goody Guillén, a former SEC lawyer, and Brian Brooks, a former Acting Comptroller of the Currency, are possible successors.

After years of delays, the SEC also authorized its first spot Bitcoin (BTC) exchange-traded products during Gensler’s tenure, marking a significant turning point for the cryptocurrency industry. Although a court decision played a role in the decision, Gensler was criticized for his early opposition to these products.

Gensler’s resignation may be a turning point for the cryptocurrency sector as Trump’s pro-crypto rhetoric gains traction. Since the news broke, the market has already experienced a noticeable increase.