Reportedly, SEC Chairman Gary Gensler is under intense pressure, with a high likelihood that he may resign from his position.
Gary Gensler has served as the chairman of the United States Securities and Exchange Commission (SEC) since April 2021. Under his leadership, the SEC launched a major crackdown on the crypto sector, initiating numerous lawsuits against crypto companies. Many firms settled with the SEC by admitting to charges, while others continue to fight these actions to this day.
A recent report by the popular crypto news outlet Coindesk claimed that newly elected U.S. President Donald Trump is highly likely to appoint a new chairman for the SEC. Before Trump assumes office on January 20, 2025, Gensler retains the option to resign, allowing for a smoother leadership transition.
According to CoinDesk, SEC Chairman Gary Gensler has the option to resign before Trump takes office in January. If he does not resign, Trump can appoint a new interim SEC chairman immediately after his inauguration on January 20. He can also nominate a new SEC commissioner to the…
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According to legal experts, Trump does not have the direct authority to remove the SEC chairman without justified grounds, as the position holds a level of independence. However, many believe the odds favor the crypto industry in this situation, as Trump previously promised to remove Gensler if elected. The sentiment suggests Trump’s administration could bring a more crypto-friendly stance, potentially reshaping regulatory approaches toward digital assets.
Gensler’s tenure at the SEC has been marked by a stringent stance on cryptocurrency, which has drawn significant criticism from the industry. His possible resignation, alongside Trump’s potential new appointment, could represent a significant shift in U.S. crypto policy. With Trump’s support among crypto enthusiasts, many view this period as a turning point that could bring clarity to crypto regulations and alleviate pressure on the sector.
If Trump appoints a new SEC chair who favors a more hands-off regulatory approach, it could bring a substantial boost to the crypto industry, which has been grappling with regulatory uncertainty.
Read also: Cardano ($ADA) Shows 40% Rally in Just 7 Days Amid Trump Win and Network Upgrade: What’s Next?
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