Gary Gensler, chairman of the US Securities and Exchange Commission, tweeted a few days ago that he would be leaving office on January 20, 2025. I would like to believe that this date corresponds to when Donald Trump will be sworn in as President of the United States, but I am not sure.
Why Resign?
I am not sure why he is deciding to resign; perhaps he does not want to be fired by Trump, or perhaps he believes he did not do a good enough job to be retained by Trump, or perhaps it is not constitutional for a previous government official to be retained by a president-elect, which I find strange.
Overall, I believe Gensler understands that his erratic decisions have wreaked havoc on the SEC and that he is likely to be fired. Many people have called for his resignation over the years, and even SEC insiders have questioned his decisions, which I do not find surprising.
The Biden administration was completely anti-crypto, and perhaps Biden expressed this through Gensler, because I do not believe Gensler acted alone in his numerous attempts to cancel cryptocurrency in the United States.
I believe it is clear that Gensler's views and ideologies do not and will not align with those of the United States' president-elect. Even if Trump misled everyone by using the term "crypto," he would not be as negative about it as Biden and his administration were.
So he probably said to himself (Gensler), "You know what? I think it is about time I just call it quit", and he probably did not want all the drama that could ensue if Trump eventually takes office.
It is funny that no one is upset that Gensler is leaving; in fact, for everyone to be happy that a government official is leaving office says a lot about how that person's tenure went.
The US public is outraged by all of the commotion and FUD he has caused thus far, and we recall when he continued to target coins for allegedly being securities.
Crypto In The US Felt Like The Dark Ages
For one, I think he set crypto in the US five years back if not more, and imagine how far countries in Europe and Asia have gone with the US lagging behind.
We know that the US economy can drive crypto on its own because of the money flowing through the system, but over the years, I have seen people talk about leaving the US to go to another country with better crypto policies.
The US economy is formidable, arguably the most powerful in the world. You have silent millionaires aping into crypto, securing their life savings in cold wallets and all that, and these guys truly FUD'ed because of the uncertainty surrounding crypto.
Many people are undoubtedly relieved to see him go. By simply sitting as chairman of the SEC, he FUDDED the bags of people, and many people were forced to sell and dump crypto due to the belief that it was dead. I am not sure which was worse for crypto, COVID or Gensler, but I believe they were just two different catalysts that turned people off crypto in 2020 and 2022.
Anyone But Gensler Will Do
It remains to be seen who will succeed him. However, many people will not care who replaces him as long as it is not Gensler, and that is a testament to Gensler's poor performance as SEC chairman. In reality, I am not in favor of bullying him online.
He has a lot of people bullying him online, and it is ironic that he took the job as SEC chairman to protect people and their money. He may not be the one in charge of his social media accounts, but I am sure the handler will feel bad on Gensler's behalf. I believe people should let him go now and enjoy his retirement. It is truly bullish news in my opinion, and everyone feels it.
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