U.S. presidential candidate Donald Trump has vowed to fire SEC Chair Gary Gensler on his first day in office. This promise was made at the Bitcoin 2024 conference, where Trump criticized Gensler’s hard-line stance on the crypto industry.
Under Gensler’s leadership, the SEC has prosecuted major crypto firms like Coinbase and Binance. Coinbase recently demanded access to Gensler’s personal communications in its defense against the SEC’s lawsuit.
Reports suggest Gensler may resign in early 2025 if Trump wins. Historically, SEC chairs resign with a new administration. Gensler, appointed in April 2021, was expected to promote innovation but has faced backlash for his regulatory approach.
A coalition of seven U.S. states has criticized the SEC for overreach in crypto regulation. If Trump wins, Gensler’s chances of staying are slim, given Trump’s pro-crypto stance.
