-- ONE of President-elect Donald Trump's many promises -- to fire
#GaryGensler and appoint a new chairman of the U.S. Securities and Exchange Commission -- could happen as soon as Jan. 20, the day of his inauguration.
-- Gensler, for example, took office less than 11 weeks after being appointed by President
#JoeBiden on Feb. 3, 2021.
-- Gensler could also resign before Trump takes office, in which case the Democratic Party would appoint an interim chairman.
U.S. President-elect
#donaldtrump 's multiple endorsements of Crypto leaders - the Winklevoss twins, Marc Andreessen and Ryan Selkis to name a few - are the result of the real estate mogul's numerous promises to support the expansion and further development of the digital asset industry in the United States.
Perhaps ONE of the most important promises Trump made to bring Crypto to his side was the following: “On ONE of these days, I will fire Gary Gensler.”
While he T can force Gensler to step down as SEC commissioner, he can nominate a new interim SEC chairman as soon as he takes office on January 20. He can also nominate a new commissioner to the Senate, which must approve her nomination.
Given that Republicans regained control of the Senate after redistributing several seats in Tuesday's presidential election, Trump's nomination has a good chance of passing a vote, and a new chairman could take office within months.
For example, Gensler was nominated by current President JOE Biden on Feb. 3, 2021, confirmed by the Senate on April 14 and sworn in on April 17.
Gensler has made many enemies in the Crypto sector because of his assertion that the agency already has enough rules and regulations for the industry, something Crypto leaders disagree with . ONE of the most fundamental differences is Gensler's assertion - ONE he shared with his predecessor, Trump appointee Jay Clayton - that most Cryptocurrency transactions on centralized exchanges violate federal securities laws.
With the exception of this year's launch of Bitcoin and ether spot market exchange-traded funds, which were approved by the current Securities and Exchange Commission (SEC) after years of negotiations and a legal victory for management company Grayscale, the financial regulator has T done nothing to help Crypto move in the right direction between what's legal and what's not, as it's still undetermined whether or not all cryptocurrencies are securities.
Gensler has been at the forefront of these actions, being openly skeptical of cryptocurrencies. As recently as last month, he reiterated that his views have T changed. Speaking at New York University School of Law in Manhattan in October, he said: “With all due respect, the leading luminaries of this field in 202[4] are now either in jail or awaiting extradition.”