Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), confirmed on Thursday that he will be stepping down from his role starting in January. 

Gensler confirmed the news in an announcement on Twitter and a post to the SEC’s website, saying it had been an “honor of a lifetime” to “ensure that our capital markets remain the best in the world.” “I thank President Biden for entrusting me with this incredible responsibility,” Gensler added. “The SEC has met our mission and enforced the law without fear or favor.”  Gensler was highly unpopular among the crypto community for his long list of enforcement actions against the industry’s leaders, and unwillingness to encourage more accommodating rules for the new asset class.  Donald Trump promised to fire Gensler in July, and has since been elected the 47th U.S. President.  Bitcoin rose to $98,200 following Gensler’s announcement.