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Here's How Quickly Gary Gensler Could Lose His SEC Chair Gig Under Trump

Author: Content Editor
President-elect Donald Trump plans to fire Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), on his first day in office, which is expected to be Jan. 20. Gensler's appointment was made by President Joe Biden on Feb. 3, 2021. If Gensler resigns before Trump takes office, the Democratic Party would appoint an interim chair. Trump's promise to support the expansion and development of the crypto industry in the U.S. earned him endorsements from crypto leaders. Trump's pick for the new SEC chair would likely have a good chance of being confirmed by the Senate, given that Republicans have retaken control. Gensler's insistence on sufficient rules and regulations for the crypto industry has caused tension with crypto leaders who disagree. It is still uncertain whether all cryptos are considered securities. Some cryptocurrencies named as unregistered securities by the SEC have seen price increases in anticipation of a more lax regulatory environment under the Trump administration.

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