Trump Promise in Action?: SEC Gary Gensler, You are Fire

- Trump Foretells Gensler's Dismissal During Presidency - Potential Relaxation of Cryptocurrency Regulations if Gensler Resigns [Unblock Media] A lot of discussions are happening about the future status of Gary Gensler, currently serving as the Chairman of the Securities and Exchange Commission (SEC), especially with the upcoming U.S. presidential election. If former President Donald Trump takes office again, the likelihood of Gensler resigning increases. During the 'Bitcoin 2024 Conference' held in Nashville, Tennessee, on July 27, 2024, Trump received applause for declaring that he would dismiss Gary Gensler on his first day in office. Although a Supreme Court ruling states that the President cannot directly and immediately dismiss the SEC Chair, Trump strongly asserted this action. Following his remarks, many attendees stated that they would make investment decisions more cautiously, considering potential political volatility. Gensler, appointed by President Joe Biden, has a term slated to last until 2026, with an additional potential 18-month grace period. However, it is common for an SEC Chairman to resign when a politically opposing party assumes the presidency. Therefore, should Trump become President, it is highly probable that Gensler would step down immediately. Potential new SEC Chair candidates include current SEC Commissioners Peirce and Mark Uyeda, Robinhood's Chief Legal Officer Dan Gallagher, former Chairman of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo, and former CEO of Binance.US Brian Brooks. In a recent interview, Brian Brooks argued that cryptocurrency and blockchain technologies would be central to future financial systems and called for a more flexible regulatory approach, signaling a shift from the current stringent regulatory stance towards fostering industrial innovation. Notably, Hester Peirce, appointed in 2018, has been a supporter of the cryptocurrency industry and is affectionately known as "Crypto Mom". She has been critical of the SEC's approach to litigation against cryptocurrency firms and described the enforcement actions related to NFTs as "misguided." Another candidate, Mark Uyeda, has consistently demonstrated his capabilities since his appointment in 2022. According to Jake Chervinsky, Chief Legal Officer at Variant Fund, Uyeda is considered one of the strong candidates, although Trump might opt to appoint a new figure. Political volatility can significantly impact the cryptocurrency and blockchain industries. If Gensler steps down, his stringent regulatory policies could be revised. While Gensler is currently pushing for strict regulatory guidelines on cryptocurrency exchanges and ICOs, a new chair might loosen these guidelines. Specifically, regulatory relief proposals such as Hester Peirce's "Token Safe Harbor" could be revisited. Such political changes could substantially affect regulatory policies, making them an essential factor for the industry and investors. This also has the potential to influence global regulatory trends, inducing significant changes in the world's investment and legal environments.