Trump Promises to Fire SEC Chair Gary Gensler ‘On Day One’ if Reelected

At the Bitcoin 2024 conference held in Nashville, Tennessee, on July 27, former President Donald Trump, now the Republican Party presidential nominee, made a striking announcement.

Addressing an eager crowd of Bitcoin enthusiasts who had waited over an hour for his appearance, Trump laid out a detailed plan for crypto policies he intends to implement if he wins the upcoming presidential election against prospective Democratic nominee Vice President Kamala Harris.

Immediate Action on Crypto Regulation

Trump's central promise was the removal of Gary Gensler from his position as Chair of the US Securities and Exchange Commission (SEC) “on day one” of his presidency.

This bold statement was met with enthusiasm from many in the audience. Trump elaborated on his vision, saying, “The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry.”

His intention is to appoint a new SEC chairman who aligns with his belief that “America should build the future, not block the future.”

While the SEC chair’s term is set to conclude in June 2026, a change in administration, whether with Trump or Harris, could lead to Gensler's departure from the commission.

Formation of a Crypto Advisory Council

In addition to the promise of removing Gensler, Trump proposed the establishment of a “Bitcoin and crypto presidential advisory council.”

This council would be tasked with creating a comprehensive regulatory framework for the crypto industry within the first 100 days of his administration.

The move is seen as a significant step towards formalizing and stabilizing the regulatory environment for cryptocurrencies in the United States.

Industry Reactions to Gensler’s Potential Ouster

The reaction from the crypto community to Trump’s announcement was largely positive.

Gary Gensler has been a contentious figure in the crypto world, often criticized for the SEC’s stringent enforcement actions against several high-profile crypto firms, including Ripple, Coinbase, and Binance.

The potential removal of Gensler could signal a shift towards a more favorable regulatory environment for the crypto industry.

Support from Industry Leaders

Gemini co-founder and prominent Trump supporter Tyler Winklevoss was also in attendance at the conference. He echoed Trump’s sentiments, calling for President Joe Biden’s administration to replace Gensler before the election.

The support from influential figures like Winklevoss highlights the growing frustration within the industry regarding current regulatory practices.

Stance on Central Bank Digital Currency

Another critical aspect of Trump’s crypto policy is his opposition to the development of a US central bank digital currency (CBDC).

He made his position clear, stating, “There will never be a CBDC while I’m president of the United States, and I will always defend the right of self-custody.”

This stance is likely to resonate with many in the crypto community who value financial autonomy and privacy.

Delayed but Impactful Speech

Despite an hour-long delay, Trump’s speech left a significant impact on the attendees. Rumors had circulated about a special guest appearance, but Trump took the stage alone.

He hinted that his strong position on crypto might have influenced the SEC to ease its enforcement actions, at least temporarily. “Be nice” to the industry until after the election, he suggested, could be the unspoken message.

Broader Implications for the Crypto Industry

The conference itself was a notable event, featuring speeches from various US lawmakers, congressional candidates, and industry leaders.

Former National Security Agency contractor Edward Snowden also made a virtual appearance, offering a cautionary note to Bitcoin enthusiasts about the motivations of politicians.

“They have their own interests, their own values, their own things they’re chasing,” Snowden warned, emphasizing the importance of vigilance and critical thinking in the political arena.

Bottom Line …

Trump’s promises, if fulfilled, could usher in significant changes for the crypto industry. His proposed regulatory framework and the dismissal of Gary Gensler reflect a potential shift towards a more supportive environment for digital currencies.

As the election approaches, the crypto community will be watching closely to see how these proposals unfold and what impact they might have on the future of cryptocurrency regulation in the United States.

The Bitcoin 2024 conference highlighted the increasing intersection of politics and cryptocurrency, with Trump’s speech serving as a pivotal moment in the ongoing debate over how best to regulate and foster innovation in this dynamic sector.

As the industry continues to evolve, the outcome of the upcoming presidential election could play a crucial role in shaping its trajectory.