The SEC Shakeup: Gary Gensler Steps Down

SEC Chair Gary Gensler is leaving his post on January 20, 2023, when Donald Trump's administration takes over. Gensler, appointed by President Biden in 2021, was known for his tough stance on Wall Street and the crypto industry. He pushed for more transparency, reduced risks, and fought conflicts of interest. Gensler's tenure saw several major changes like speeding up trade settlements and reforming the Treasury market. He also took on the task of overseeing audits of Chinese companies listed in the US. But his aggressive approach faced resistance from Wall Street and some lawmakers. The SEC lost some key legal battles, including the authority to oversee private funds. Gensler's work in the crypto space also faced criticism. With his departure, it's expected that the new administration will shift focus and possibly review Gensler's rules.