- Trump promised to fire SEC Chairman Gensler, fueling regulatory hopes in the crypto community.
- Potential successors to the SEC could significantly change crypto regulations despite legal challenges.
The US has elected its 47th president, Donald Trump, and his victory is raising expectations within the crypto community.
Will Trump fire Gary Gensler?
Trump’s previous promise on 2024 Bitcoin [BTC] Conference to unseat SEC Chairman Gary Gensler has reignited hopes for regulatory change.
Gensler was seen by many crypto companies as a hindrance to the industry’s growth.
Gensler’s tenure, marked by an aggressive stance, had brought significant financial support to Trump’s campaign crypto companies hoped to secure a more favorable regulatory landscape.
There have been conversations surrounding Gensler that were investigated hours after Trump’s election.
Source: Levi | Crypto Crusaders/X
While Trump’s promised removal of Gensler on “day one” remains uncertain in feasibility, broader sentiment for change is evident.
For those who don’t know, this is what Trump promised at the conference:
“On day one, I will fire Gary Gensler and appoint a new SEC chairman. I didn’t know he was so unpopular. Let me say it again. On day one I will fire Gary Gensler.”
H had added,
“The day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over.”
It’s worth noting that Kamala Harris signaled a shift toward a more balanced regulatory framework during her campaign. This indicated potential change regardless of the political outcome.
Things are not as simple as they seem
Even though Trump’s call to oust SEC Chairman Gensler faces legal hurdles, saying shooting without cause contradicts Supreme Court precedent. There is already speculation about possible successors.
As expected, several names have emerged as potential candidates to take over after Trump’s inauguration on January 20.
Among the interlocutors are SEC commissioners Hester Peirce and Mark Uyeda, who are known for their more industry-friendly approach.
Others include Dan Gallagher, Robinhood’s chief legal officer; former CFTC chairman Chris Giancarlo, an advocate for blockchain innovation; and Brian Brooks, the former CEO of Binance.US.
Each brings unique regulatory experience and perspective that could signal a significant shift in the SEC’s approach to crypto.
Gensler’s next move
Therefore, with Trump’s plans for SEC leadership looming, Chairman Gensler may consider resigning before the new administration takes office in January.
Should he resign early, President Joe Biden could appoint an interim chairman from among the current Democratic commissioners until Trump’s inauguration.
Trump would likely appoint an interim chairman, possibly replacing Commissioner Caroline Crenshaw, who is up for reappointment.
If Gensler leaves the commission entirely, a new commissioner would have to be nominated and confirmed. This adds even more layers to the expected SEC shakeup.