The head of the US financial regulator, Gary Gensler, will resign from his post on the day of President-elect Donald Trump's inauguration.
Mr. Gensler confirmed the news on social media platform X after the Securities and Exchange Commission (SEC) announced that its 33rd chairman would resign on January 20 next year.
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled our mission and enforced the law without fear or favor,” Mr. Gensler said.
Trump revealed plans to fire Mr. Gensler on “day one” of his new administration after the president filed a lawsuit against crypto companies, sparking controversy in some quarters.
Appointed SEC chairman in 2021, Mr. Gensler's term is technically supposed to last until 2026, but it is normal for the agency's leaders to leave office at the start of a new administration.
The president-elect and Mr. Gensler have very different views on cryptocurrencies, which has sparked tension between them.
At a Bitcoin conference in July, Trump said he would make the United States “the crypto capital of the planet.”
In contrast, Mr Gensler told the BBC in September that it was an industry “riddled with fraud, hucksters and scammers”.
Under the Biden administration, the SEC has waged a crackdown on the industry, culminating in a record 46 enforcement actions last year.
These cases led to the prison sentences of the founders of two of the world's largest crypto platforms, FTX's Sam Bankman-Fried and Binance's Changpeng Zhao.
It is believed that the new Trump administration will devote far fewer resources to controlling the industry.
The SEC also clashed with tech billionaire Elon Musk, who has become a strong Trump ally.
It is investigating Mr. Musk for potential fraud involving his purchase of social media platform
