TechFlow reported on August 6 that Tonya Evans, a professor at Pennsylvania State University Dickinson School of Law, pointed out that Trump declared at the Bitcoin 2024 conference that if elected president, he would fire Securities and Exchange Commission (SEC) Chairman Gary Gensler on the first day and push the federal government to hold Bitcoin. However, the promise to fire Gensler faces many obstacles.

First, the SEC is an independent federal agency, and its chairman enjoys legal protection and cannot be fired at will. Based on a 1935 Supreme Court ruling, Trump cannot remove Gensler without good cause. Although the president can appoint the SEC chairman, the removal of the chairman generally does not require Senate approval, and Trump's move could provoke strong opposition from Congress and be seen as a dangerous precedent.

Secondly, the dismissal procedure is complicated. Trump must prove that Gensler has committed inefficiency, dereliction of duty or malfeasance before he can initiate the dismissal procedure. Although some politicians and crypto industry representatives believe that Gensler's performance is poor and that there is reason to fire him, the entire process may take months, even longer than Gensler's five-year term. Therefore, unless Gensler resigns on the first day, his departure will not be realized quickly.