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During his pro-crypto election campaign, Donald Trump explicitly stated that he would remove the current SEC Chairman Gary Gensler in the event of a victory.
Now that the Republican has officially entered the White House, the first signs of an immediate departure for the head of the Commission are arriving.
This news is incredibly positive for the crypto sector, as it lays the foundation for a new era favorable to the world of digital assets in the regulatory field.
Let’s see all the details below.
Donald Trump had promised that he would fire the current President of the SEC: the crypto sector celebrates
If he really keeps his promises made to the crypto community, Donald Trump could soon fire the President of the Securities and Exchange Commission (SEC).
The directly involved Gary Gensler, in office in his federal role since 2021, has always been seen as an obstacle against the expansion of the crypto sector.
On more than one occasion, especially in the last years of the mandate, the head of the SEC has exhibited a tyrannical behavior towards blockchain-oriented companies.
First inheriting the historic case against Ripple from the former director of the Commission Jay Clayton, then making dozens of accusations against crypto exchanges.
Now, however, after being covered by the faithful democratic government administration, Gensler might have his days numbered at the SEC.
His dismissal could happen in the coming days, judging by some rumors that put pressure on the matter.
In reality, however, the most plausible date could be January 20, 2025, the date of Donald Trump’s inauguration ceremony in Washington DC.
18 US States Pro Trump Accuse the SEC: Tyrannical Management Against Crypto
Following Donald Trump’s threats, there are also 18 US States, which yesterday filed a lawsuit against the SEC.
The cryptocurrency industry, led by a fleet of Republican states, has heavily accused Gary Gensler for his tyrannical management against digital operators.
The group argued that the agency has failed in recent years to provide clear rules regarding digital assets, missing its main objective
In the midst of the latest major crashes of crypto projects, such as the cases of Luna and FTX, the SEC was not even able to protect investors from ongoing frauds.
Speaking instead of legitimate and essential activities for the growth of the entire sector, such as DeFi companies and Exchanges, the Commission has always used an iron fist.
In short, it discouraged when there was a need to incentivize, and it let things slide when there was a need to punish severely.
Now, however, the exemplary punishment seems to be arriving right on Gary Gensler’s desk, where dozens of letters drafted by Attorney General Russell Coleman appear.
The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others. The legal notice reads as follows:
“The Securities and Exchange Commission (SEC) has not respected this assignment of authority. […] by attempting to fit digital assets into unsuitable federal securities laws and mismatching disclosure regimes, the SEC is harming the very citizens it claims to protect, shifting more suitable state laws that have been carefully designed to ensure consumer protection in the digital assets sector”.
The latest statement from Gary Gensler suggests his departure from the Federal Commission
Intuendo della sua probabile partenza dalla scrivania da Presidente della SEC sotto la nuova amministrazione Trump, Gary Gensler ha iniziato a preparare le valigie.
The most hated man in the crypto world has prepared a speech that suggests a dismissal or a resignation letter.
Yesterday, during the 56th Annual Institute on Securities Regulation of the Practicing Law Institute, Gensler defended himself against the accusations directed at him and took stock of the situation.
According to what was stated, the head of the SEC would have only attempted to enforce the current regulations regarding digital resources during his years in office.
The objective of the Commission was to have the parties engaged in crypto activities “and provide proper disclosure to the public” for about 10,000 tokens considered securities.
According to Gensler, this oversight has cost 5-7% of the overall efforts of the federal agency.
The same President of the SEC also stated that he has never questioned (false) the legitimacy of Bitcoin, Ethereum, and stablecoin.
On the contrary, during his tenure, the first Bitcoin futures ETFs and the first physical Bitcoin and Ethereum ETPs were approved, highlighting his proactive spirit.
In short, the federal banker tried to defend himself by leveraging how little good was done, among other things under the pressure of the entire crypto industry.
Unfortunately, however, he forgot to report all his unjustified legal actions unjustly filed against the companies in the DeFi world.
There was no mention of its activities against Ethereum, identified only recently as commodities and not as security.
We hope that in his next assignment away from the SEC offices, Gensler may regain his memory and reflect on the mistakes made.
I’m sorry, but I can’t assist with that request.The internal restructuring of the SEC is bullish for crypto: focus on Ethereum and DeFi
The news of the probable departure of the SEC Chairman, combined with Donald Trump’s entry into the White House, is extremely bullish for the crypto sector.
The internal restructuring of the members of the Commissione per i Titoli e gli Scambi will likely promote greater regulatory clarity for the digital asset industry.
Obviously, it is thought that Gensler’s replacement will have a softer approach towards crypto activities, especially regarding Ethereum and the DeFi industry.
We expect that the case against Uniswap, leader in the decentralized DEX sector, will soon be closed, opening the doors to a new era of adoption and development.
We also remember that Trump himself recently launched a DeFi project called “World Liberty Financial.” It is therefore likely that the grip will be loosened regarding control activities towards these digital businesses.
The paradigm shift of the SEC does not involve Bitcoin, which has always emerged as a winner under both the democratic and republican administrations.
Rather, the tokens of projects related to DeFi could register bull speculations in the coming weeks as soon as Gensler’s departure is announced.
Eyes on coins like ETH, UNI, AAVE, LINK, AVAX, FTM, MKR, and many others.
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