Securities and Exchange Commission (SEC) Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president, ending weeks of speculation about his future.

In a statement Thursday, Gensler said he would step down at noon on Jan. 20, 2025. Gensler’s move will close a tenure that began more than three years ago in the aftermath of the meme stock market battle between retail investors and hedge funds around the share price of retailer GameStop.

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Ian Sherr, Compliance Week’s Editor-in-Chief, is a widely published journalist who has covered business, politics, and policy for outlets including CBS News, The Wall Street Journal, Reuters, and CNET.