One of then-presidential candidate Donald Trump's campaign promises to the crypto industry was to fire the SEC chair “on day one“ if elected.
In January 2025 Gary Gensler stepped down as chair of the US Securities and Exchange Commission (SEC) amid the inauguration of President Donald Trump.
Many in the crypto industry had heavily criticized the former SEC chair for his approach to digital asset regulation and enforcement. Gensler’s position on cryptocurrencies likely contributed to companies like Ripple Labs funding political action committees (PACs) and backing many candidates in the 2024 US elections who had expressed views favorable to the industry and opposing those who didn’t.
Shortly after Gensler’s resignation, Trump appointed SEC Commissioner Mark Uyeda as acting chair of the agency. What followed was a complete about-face of SEC policy on digital assets under Gensler, with the dismissal of many yearslong investigations and enforcement actions and the restructuring of the agency’s leadership to include only Republicans.
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