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SEC Chairman Finds Lifeline
Could Gensler's Time Be Up?
Tron founder Justin Sun made a job offer to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who is going through difficult times.
The offer surfaced in a recent X post in which Sun expressed his willingness to hire Gensler “if he can truly approach the crypto industry with sincerity,” the post said.
SEC Chairman Finds Lifeline
The unexpected invitation comes as the crypto community celebrates Donald Trump’s return to the White House. Trump has openly repositioned himself as a crypto enthusiast since he became president. During his campaigns, he promised to fire Gensler on his first day back at work, while also soliciting support from the digital asset industry.
The agency’s chief has often been seen as a major opponent of crypto, particularly with his “regulation through enforcement” tactics. This has led the SEC to take more than 100 actions against the crypto sector, the latest being a Wells memo against blockchain gaming platform Immutable (IMX).
Other companies targeted by the regulator include Crypto.com, Robinhood, ConsenSys, and Uniswap. As of September 2024, the SEC has fined crypto companies more than $7 billion for various violations.
This year alone, the agency’s fines against virtual asset companies have increased by 3,000%, raising $4.2 billion in the decision to step up enforcement against the industry, according to reports.
The practice led to growing animosity between the industry and the financial regulator, and the crypto community eventually decided to use its political clout to help elect lawmakers who were favorable to the assets. It resulted in a vote by more than 260 pro-crypto lawmakers and Trump’s return to the Oval Office.
Could Gensler's Time Be Up?
Given Trump’s previous statements regarding Gensler and the crypto-friendly lawmakers elected to both houses of Congress, there is a feeling that the SEC chairman’s term may soon be coming to an end.
The former MIT professor, who was confirmed by the Senate on April 14, 2021, does not end his five-year term until 2026. He has shown no signs of leaving his post, regardless of the outcome of the just-concluded election.
And despite his statements, President Trump’s ability to fire Gensler is limited. The SEC’s independence as a federal agency protects commissioners from arbitrary firings. Even if a new chair is appointed, the 67-year-old will still remain a commissioner.
However, some in the political and crypto worlds believe Gensler has not carried out his duties effectively. Senator Warren Davidson, for example, called for the president’s resignation due to what he described as a “long series of misconduct.”
Sun's job offer could be a possible way out if the Democratic appointee terminates his tenure at the SEC.
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