In the year Will Trump’s 2016 victory lead to the resignation of SEC chairman Gary Gensler?
The world's largest cryptocurrency, Bitcoin, has soared to new highs following Donald Trump's victory in the US presidential election. The day after the results, the price of Bitcoin rose to $75,000.
Trump's election victory has led to widespread speculation about his stance on cryptocurrency regulation, particularly with regard to the US Securities and Exchange Commission (SEC). In the bold statement, Trump announced that if elected president, he would fire SEC Chairman Gary Gensler, who has been criticized by many for his regulatory stance in the crypto industry.
Historical context: SEC leadership changes during presidential transitions
Trump's comments about firing Gensler are not without precedent. Historically, SEC chairs are often vacated when a new president takes office. Attorney James Murphy aka MetaLawMan highlights the following details.
November 8, 2016: Donald Trump wins the US presidential election. In the year 14, 2016: Former SEC Chair Mary Jo White announces her resignation.
Similarly:
November 3, 2020: Joe Biden wins the presidential election. November 16, 2020: Jay Clayton, SEC Chairman under President Trump, announced his resignation.
Now, with Trump likely to return to office in 2024, speculation is growing about what will happen to Gary Gensler, who has led the SEC since 2021.
Can Trump legally fire SEC Chairman Gary Gensler?
Experts in the field weighed in on the question of whether Trump could legally fire Gensler if he refuses to step down voluntarily. Although the US Supreme Court has not directly ruled on the issue, there is a longstanding tradition of the SEC chairman stepping down when a new president is elected. . However, some legal scholars, including Supreme Court justices and publications such as the Harvard Law Review and Yale Journal of Regulation, believe the president has the power to fire the SEC chairman if necessary.
As the election results settle in, the crypto community is watching closely to see what actions Trump will take regarding the SEC and its future leadership. Currently, Ripple vs SEC is gaining attention with the new appeal process.
