Investing.com - Trump Targets SEC Chair Gensler, Delaying Crypto Regulation Until 2026
Former President Donald Trump has labeled SEC Chair Gary Gensler as the crypto industry's biggest villain, potentially delaying regulatory relief for the sector until late 2026, according to US investment bank TD Cowen.
Trump's vow to fire Gensler, made at a recent conference, may face obstacles as there is no precedent for a president directly removing an SEC chair. Typically, chairs step down with a change in the White House to allow the new administration to appoint a new leader.
With Democrats holding a 3-2 majority and Gensler as chair, TD Cowen notes that Commissioner Caroline Crenshaw's term has been extended, securing the Democratic majority beyond 2024. If Trump wins, he may not be able to nominate a new commissioner until 2025, and even then, it may not give the GOP a majority.
There is speculation that Gensler may stay to prevent the GOP from gaining control, stalling crypto policy. While enforcement actions may ease, regulatory changes could be challenging with a Democratic majority in place. TD Cowen suggests Trump might try to fire Gensler, but the legal implications are uncertain.
In conclusion, the report highlights the importance of bipartisan commissions and the potential consequences of presidents removing opposing party members. This situation could have significant implications for the future of crypto regulation and policy decisions.