SEC Chairman Gary Gensler will resign on January 20, making way for Trump to replace him.

Securities and Exchange Commission Chairman Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to immediately choose a replacement.

Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his choice to lead the SEC, but the next president is expected to be more pro-Wall Street and crypto.

SEC commissioners serve five-year terms, so Gensler could in theory have stayed on the job until at least 2026. Instead, he is leaving the agency altogether, as was widely expected.

“Staff and the Commission are deeply committed to protecting investors, facilitating capital formation, and ensuring that markets work well for investors and issuers alike. The staff is made up of real civil servants. It has been a lifelong honor to serve with them on behalf of everyday Americans and ensure our capital markets remain the best in the world,” Gensler said in a press release.

Under Gensler, the SEC has pushed to require more disclosures from publicly traded companies and investors’ financial advisors. The agency also accelerated settlement times for stock trades to just one day, a change driven in part by meme stock trades in early 2021.

Gensler’s SEC has had several high-profile disputes with the crypto industry, including a legal battle with Grayscale to block Bitcoin ETFs. Grayscale won in court and billions of dollars have been pumped into these new funds since their launch in January. The SEC has also sued several large digital asset companies in recent years for how they dealt or sold cryptocurrencies, including Coinbasewith mixed results.

Trump may have the opportunity to quickly reshape the SEC. In addition to Gensler’s soon-to-be vacant seat, the terms of two of the other four commissioners will expire in 2024 or 2025.

Commissioners can serve up to 18 months after the end of their term. Presidential appointments to the SEC are subject to the advice and consent of the Senate.