Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has announced that he will step down on the day of Donald Trump‘s inauguration as president. This was revealed on Thursday by the primary regulator of Wall Street.

During his tenure, Gensler implemented a period of intensive regulation, with many of the new rules, such as stricter transparency requirements for private equity managers, facing criticism from Wall Street. Additionally, a court rejected a rule he supported that aimed to revise the way companies buy back shares.

Under Gensler's leadership, the SEC expanded its enforcement measures against crypto companies. While the commission often succeeded in lawsuits, this approach faced strong opposition from Republicans.

Trump, who supported crypto during his campaign, raised the expectation that the SEC would stop its lawsuits against crypto companies once Gensler departs. He has also repeatedly indicated he would seek to dismiss Gensler on his first day in office. Now, Gensler has preempted him. These statements led to a further rise in Bitcoin, which surpassed $98,000 on Thursday.