During the TrumpBitcoin2024 convention, former U.S. President Donald Trump declared that if re-elected, he would prioritize firing SEC Chairman Gary Gensler and advocate for the federal government to hold Bitcoin. This announcement, reported by Odaily, indicates Trump's strong stance on cryptocurrency and regulatory leadership.
However, legal experts, including Tonya Evans, a professor at the Dickinson School of Law at Pennsylvania State University, caution that removing Gensler from his position may not be straightforward. Under U.S. law, Trump would need to prove that Gensler has been inefficient, negligent, or guilty of malfeasance to initiate the dismissal process. Despite criticisms from some politicians and crypto industry figures regarding Gensler's performance, the process could be prolonged, potentially extending beyond Gensler's current five-year term.
Unless Gensler voluntarily resigns, his removal may not occur immediately, presenting a significant challenge to Trump's proposed plan.
