Securities and Exchange Commission Chair Gary Gensler plans to resign on Jan. 20, a decision that paves the way for President-elect Donald Trump to reshape the agency into a more favorable environment for crypto and Wall Street.

Chair Gary Gensler will step down from his position on Jan. 20, the day Donald Trump is scheduled to take office as President.Gensler was appointed to a five-year term in 2021 and is resigning nearly a year before its end.

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.