The cryptocurrency industry is already busy celebrating the upcoming departure of U.S. Securities and Exchange Commission Gary Gensler.
As reported by U.Today, Gensler is going to leave the SEC on Jan. 20, according to his Thursday announcement.
Gensler’s resignation announcement was met with jubilation by crypto industry leaders given that his departure will likely mark the end of the “regulation by enforcement” era.
Ripple CEO Brad Garlinghouse, a vocal Gensler critic, made a Thanksgiving-related joke on social media about Gensler’s upcoming resignation.
As reported by U.Today, the Ripple CEO previously slammed the SEC head as “the Luddite of his time” due to Gensler’s anti-crypto stance that was supposedly a major hindrance to financial innovation in the US. Ripple co-founder Chris Larsen went as far as describing Gensler as the worst public servant of all time.
Under Gensler’s leadership, the SEC targeted a slew of major cryptocurrency firms, including US exchange giant Coinbase, with enforcement actions.
“My mom always told me if I didn’t have anything nice to say, don’t say anything at all. So I’m just gonna sit this one out,” Paul Grewal, Coinbase’s top lawyer wrote on Twitter.
For now, it remains unclear who is going to replace Gensler as the next SEC head.
According to Fox Business reporter Charles Gasparino, former SEC commission Paul Atkins has emerged as the leading candidate to replace Gensler. However, Robinhood’s Dan Gallagher remains the frontrunner for now, according to betting markets.