SEC appoints Selway to lead trading and markets division

SEC appoints Selway to lead trading and markets division

The U.S. Securities and Exchange Commission (SEC) has appointed Gary Gensler, former SEC chairman, to lead the trading and markets division. This move follows the recent dismissal of the SEC lawsuit against Binance, signaling a shift in regulatory strategy [1].

The appointment of Gensler, who served as the SEC chairman from 2021 to 2024, comes at a critical juncture for the crypto industry. His leadership is expected to bring a more balanced approach to regulatory oversight, balancing innovation and investor protection. Gensler's tenure was marked by a stringent stance on crypto firms, including aggressive enforcement actions against major platforms like Binance and Coinbase [1].

The dismissal of the SEC lawsuit against Binance, which was filed in 2023, highlights a significant change in the agency's approach. The case was dismissed with prejudice, meaning it cannot be refiled, marking a rare outcome in regulatory disputes of this scale. The SEC's decision to drop the lawsuit comes after Binance and its founder, Changpeng “CZ” Zhao, faced allegations of misleading investors, manipulating trading volumes, and failing to separate customer assets from company funds [1].

The dismissal of the Binance lawsuit coincides with Binance losing over 30% of its global trading volume between 2023 and April 2025. This significant drop in trading volume can be attributed to various factors, including regulatory uncertainty, market volatility, and the company's legal battles [1].

The appointment of Gensler to lead the trading and markets division is seen as a step towards fostering a more market-friendly regulatory environment. His experience and understanding of the crypto market are expected to guide the SEC in crafting policies that encourage innovation while maintaining investor protection. The crypto industry has been eagerly awaiting a more balanced regulatory approach, and Gensler's appointment is a step in that direction [1].

References:
[1] https://crypto.news/sec-binance-case-dismissed-binance-lawsuit-impact/