CandleFocus Trump Vows to Remove SEC’s Gensler, Supports Pro-Crypto Shift
2024-10-30
Author: Content Editor
Former President Donald Trump has stated that he would remove current SEC Chair Gary Gensler if he wins the 2024 presidential election and appoint a more crypto-friendly regulator. This could potentially shift regulatory oversight of the crypto and financial markets. However, there are legal concerns about the president's authority to remove SEC commissioners without cause. If Trump is successful, Gensler may either resign voluntarily, be asked to resign on Trump's first day in office, be demoted to commissioner, or face dismissal. The extent of the president's power over independent agency commissioners may be defined through a potential court case. Legal precedents suggest that some officials may only be removed for cause, but it is unclear if this protection extends to SEC commissioners. Trump's stance aligns with certain concerns in the financial sector, as Treasury Secretary Janet Yellen has flagged widespread fraud in the traditional banking system.
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