Gensler, chairperson of the Securities Exchange Commission, announced his resignation, but the new chairperson of the Securities Exchange Commission will face review by the U.S. Senate, and any nominee must be confirmed by the Senate. The SEC announced Gensler's departure in a press release. During his tenure, the SEC filed lawsuits against several popular Web3 protocols and exchanges, including Coinbase, Uniswap, Metamask developer Consensys, blockchain video streaming platform LBRY, and others. The lawsuits were criticized by many cryptocurrency users and investors.