Biden-appointed SEC Chair Gary Gensler to step down on Inauguration Day

US Securities and Exchange Commission Chair Gary Gensler announced Thursday that he will be stepping down from his role on January 20, 2025, the day President-elect Donald Trump is inaugurated.

"The Securities and Exchange Commission is a remarkable agency," Gensler said. "The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world."

"I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the US government, and fellow regulators around the world."

According to Bloomberg, the SEC will be left in the hands of an acting chair, which is expected to be Hester Peirce or Mark Uyeda, who are both Republican commissioners. Gensler was appointed by Biden in 2021, but his term was up in 2026, CNBC reported. Trump’s replacement is expected to be friendlier to Wall Street and the crypto industry.

Under Gensler, the SEC launched a probe into Elon Musk’s purchase of X, then known as Twitter, in 2022. The SEC is reportedly seeking sanctions against Musk in the case after he skipped a court-ordered testimony.