U.S. SEC chief who has cracked down on virtual currency "resigns on Jan. 20"

U.S. Securities and Exchange Commission Chairman Gary Gensler has said he will step down on the inauguration day of Donald Trump.

"The committee has committed itself to protecting investors, supporting capital raising and efficiency in the market," Gensler said, adding that he would step down from his post on Jan. 20 next year, when a second Trump administration takes office.

Gensler, who became the head of the SEC in April 2021, has been pushing for crackdowns and strong regulations on the cryptocurrency industry, which has sparked opposition from the industry.

With strong support from the virtual currency industry in the presidential election, Trump has already vowed to dismiss Gensler on his first day in office, criticizing Gensler's regulatory policies.

Gensler has the remaining term until 2026, but some have argued that Trump should resign immediately after he is elected, so he seems to have decided to resign as is customary following the regime change.

Candidates for the next chairman include Robinhood Chief Legal Officer Dan Gallagher, former Commodity Futures Trading Commission Chairman Chris Giancarlo and current SEC commissioner Hest Pearce.