Gensler, who took office in April 2021, called his stint “the honor of a lifetime,” highlighting advances in Treasury market central clearing and executive pay reform.

Biden-appointed Gensler has criticized crypto regulation. After the House approved FIT21, he strongly opposed it.

His strong approach to the crypto business included securities law enforcement against Coinbase, Binance, and Kraken.

Gensler is largely seen with mistrust and anger in crypto. Some argue that his harsh enforcement and classification of crypto assets as securities have hindered innovation and caused legal ambiguity.

Bipartisan opposition to Gensler's term centered on the SEC's digital asset management.

Crypto and financial professionals like former Acting Comptroller of the Currency Brian Brooks and SEC attorney Teresa Goody Guillén might succeed him.

The SEC authorized its first spot Bitcoin (BTC) exchange-traded instruments under Gensler's tenure, a key crypto industry milestone after years of delays. The move was partially motivated by a court decree, although Gensler was criticized for initially opposing these items.

With Trump's pro-crypto rhetoric growing, Gensler's retirement might be crucial for the crypto business. The market has risen after the announcement.