With the election of its 47th president, Donald Trump, the United States has sparked excitement among the cryptocurrency community.
Is Trump Planning to Dismiss Gary Gensler?
Trump’s previous vow made at the 2024 Bitcoin [BTC] Conference to oust SEC Chair Gary Gensler has rekindled optimism for regulatory adjustments.
For many cryptocurrency companies, Gensler was viewed as a barrier to industry expansion.
During Gensler’s tenure, characterized by a forceful approach, significant financial backing flowed into Trump’s campaign as crypto enterprises hoped for a more conducive regulatory environment.
Rumors have circulated about Gensler potentially facing an investigation shortly after Trump’s election.
Although the feasibility of Trump’s pledged removal of Gensler on “day one” remains uncertain, a general appetite for change is noticeable.
For those unfamiliar, here is what Trump pledged at the conference,
“Upon assuming office, I will dismiss Gary Gensler and appoint a new SEC Chairman. I was not aware of his unpopularity. Let me reiterate. Upon taking office, I will dismiss Gary Gensler.”
He went on to say,
“The moment I am inaugurated, Joe Biden and Kamala Harris’ anti-crypto campaign will cease.”
It is important to note that during her campaign, Kamala Harris hinted at a shift towards a more equitable regulatory framework, suggesting a potential change regardless of the political outcome.
Transition Might Face Obstacles
Despite Trump’s call to remove SEC Chair Gensler encountering legal challenges, as termination without cause conflicts with Supreme Court precedent, speculations are swirling regarding potential replacements.
As expected, several individuals are being considered as likely candidates to assume the position post Trump’s inauguration on January 20th.
Among the names in circulation are SEC Commissioners Hester Peirce and Mark Uyeda, recognized for their industry-friendly approaches.
Other contenders include Dan Gallagher, the chief legal officer at Robinhood; former CFTC Chair Chris Giancarlo, a proponent of blockchain innovation; and Brian Brooks, ex-CEO of Binance.US.
Each individual brings distinct regulatory expertise and viewpoints that could indicate a noteworthy shift in the SEC’s crypto approach.
Gensler’s Potential Next Steps
Therefore, contemplating Trump’s intentions for SEC leadership, Chair Gensler may contemplate stepping down before the new administration commences in January.
If he chooses to resign earlier, President Joe Biden could designate a temporary chair from the current Democratic commissioners until Trump’s inauguration.
Trump would probably nominate an interim chair, potentially replacing Commissioner Caroline Crenshaw, who is up for reappointment.
If Gensler decides to fully depart from the commission, a new commissioner would require nomination and confirmation, introducing further complexity to the anticipated SEC restructuring.