The audience erupted in joy when former US President Donald Trump declared at a bitcoin conference that if reelected, he would fire Securities and Exchange Commission Chair Gary Gensler, a sceptic of cryptocurrencies.
Trump, who previously called cryptocurrencies a “scam,” is courting the sector and receiving large donations from supporters in the hopes that he will quickly halt Gensler’s crypto crackdown.
The SEC has filed dozens of crypto enforcement actions under Gensler, a Democrat nominated by President Biden, and levied fines totalling hundreds of millions of dollars, including against significant exchanges Coinbase, Binance, and Kraken.
The nomination of people to important positions… who have an appreciation and understanding of crypto is what we want most from a new administration, according to Reuters’ Kristin Smith, CEO of the Blockchain Association, an industry group.
After Gensler’s term expires in 2026, Trump may appoint a different commissioner to serve as acting chair. Hester Peirce, a supporter of cryptocurrency and the more experienced of the two Republican commissioners on the SEC, is the most likely contender.
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