Once hailed as a financial whiz with impressive credentials, Gensler quickly became known as the “Crypto Crusher. Under his watch, the SEC launched more crypto crackdowns than a caffeine-fueled gamer tackling side quests. One Bitcoin holder famously commented, “If Gensler could regulate Monopoly money, he would.”
Trump’s Bold Promise: “I Will Fire Gensler”
Enter President-elect Trump, with an agenda that’s anything but subtle. During his 2024 campaign, Trump promised to remove Gensler from his position if elected. At the Bitcoin 2024 conference, he declared, “On day one, I will fire SEC Chair Gary Gensler,” making it clear that he believed Gensler’s approach to crypto had gone too far. This pledge resonated within the crypto community, which has long chafed under Gensler’s tight regulatory hold. Trump, a vocal advocate of “freedom” in financial markets, seemed to have found his latest bureaucratic target.
— Steven (@Dogetoshi) November 6, 2024
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When asked on Bloomberg about Trump’s threat to his position, Gensler kept his response diplomatic, though it was hard to miss the awkwardness. Opting not to engage directly, he said simply, “Next Question,” suggesting that he’s unbothered by such threats. Gensler emphasized his commitment to protecting investors and staying true to the SEC’s mission, though his supporters might be eyeing his office chair with concern.
A Clash of Regulation vs. Deregulation
This Trump-Gensler standoff is shaping up to be a showdown of ideologies which is Gensler’s strict, structured regulatory approach versus Trump’s vision for deregulated freedom. While legal experts debate the feasibility of Trump’s promise (it turns out firing an SEC Chair isn’t as simple as sending a pink slip), the crypto community is watching with popcorn in hand, eager to see if their longstanding adversary might indeed be ushered out of office.
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For now, Gensler remains seated on his SEC chair, but with Trump getting reelected, the ground under him might be starting to move.
