U.S. Securities and Exchange Commission (SEC) chair Gary Gensler announced on Thursday that he was planning to exit the agency on January 20, the same date President-Elect Donald Trump will be sworn into his second term.

“I thank President Biden for entrusting me with this incredible responsibility,” Gensler said. “The SEC has met our mission and enforced the law without fear or favor.... I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.”

Gensler has led the agency since April 2021, and during his tenure launched high-profile enforcement actions against the biggest crypto firms in the country, including Coinbase, Binance, and Kraken.

The crypto industry, which had long called for Gensler’s departure, celebrated the news. “Gary Gensler's departure marks an opportunity for a fresh approach to digital asset regulation in the United States," Eli Cohen, General Counsel at Centrifuge, told TheStreet Crypto.

"The resignation of Chairman Gensler offers an opportunity to move beyond a tenure characterized by 'regulation by enforcement' to fostering meaningful engagement between regulators and market participants toward developing a regulatory framework that fosters innovation, protects consumers and ensures market integrity," George Georgiades, General Counsel at Borderless.xyz, told TheStreet Crypto.

“A change in leadership and new approach to governance by the SEC as well as other agencies will be instrumental in positioning the United States as a global leader in the advancement of blockchain technology and digital assets,” Georgiades added.

While Gensler encouraged crypto firms to come in and register with the agency, many digital assets firms say that the process has been onerous or inaccessible to them due to labyrinthine rules and a lack of clarity – making compliance feel out of reach.

Nonetheless, others in the industry acknowledged the tough battle he fought to protect retail investors wading into the nascent sector. "Gensler is criticized by many, but to be fair, the history of the crypto industry is indeed littered with scams and illegal securities,” Cory Klippsten, CEO of bitcoin financial services firm Swan, told TheStreet Crypto.

In Gensler's resignation note, the SEC defended its record and success fighting crypto scams, pointing out that despite the crypto sector making up less than 1% of U.S. financial markets, 18% of its tips, complaints, and referrals in the last fiscal year were about crypto. "Court after court agreed with the commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered — whatever their form," the agency said.