The SEC chairman “typically resigns when a new chairman takes office, aligning with the preferences of the incoming administration,” wrote analyst Markus Thielen, CEO of Cryptocurrency research firm 10x Research.
According to Bitcoin-another-alltime-high-attempt-going-parabolic”>the evaluation Thielen, the most likely thing that will happen, after Donald Trump’s victory, is that Gary Gensler will resign in the near future, in the midst of the change of government in the United States scheduled for January 2025. The official simply would follow in the footsteps of his predecessors.
This already happened with Jay Claytonwho was appointed by Trump before the 2020 election, who resigned before Joe Biden’s inauguration. Previously, Barack Obama’s appointee, Mary Jo White, resigned on President Trump’s inauguration day in January 2017.
This is a practice that allows the new president appoint a person in charge in the agency who aligns with your political objectivesexplained the analyst. Therefore, “if these historical patterns hold, Gary Gensler could resign in December of this year or next January, and a new SEC chairman could be confirmed in April or May of next year.”
Gensler’s resignation would avoid Trump fulfill the promise he made a few months agowhen he assured that -if he won the presidency- I would fire Gensler “on the first day”. This as a way to open the way to a new stage for the cryptocurrency ecosystem, which until now “has lived in hell.” The president-elect’s idea is to change the course of American regulation, marked by President Joe Biden’s anti-bitcoin measures.
Trump’s commitment occurred within the framework of the change of posture which he made public during the electoral campaign, when he spoke out in defense of the bitcoin ecosystem, leaving behind the vision of rejection expressed in previous years, even during his first term.
“I commit to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-cryptocurrency crusade will be over,” Trump said during his keynote speech at the Bitcoin 2024 conference in July. «It will end. “It will be done.”
In that sense, it is not clear whether Trump can actually fire Gensler, since Article II of the Constitution (about the Executive power) does not expressly grant such authority to the President.
However, if the agent decides to initiate such a procedure, he must present a justified cause, such as negligence, inefficiency or some other form of misconduct. And establishing the case, legal reviews and administrative transitions could take more than a year (about the same time he has left in office).
The economist Timothy Peterson addresses this issue and points out that among the “justified” reasons that could lead to the dismissal of the official, is the SEC X account hackingoccurred on the day of the approval of the ETFs, which resulted in significant losses for many investors. Besides, Peterson mentions a court ruling in favor of Ripple regarding XRP sales, as well as the refusal to approve the Grayscale ETF in 2023.
“Gensler could be prosecuted for criminal responsibility of public officials: in criminal law,” says Peterson. «If a federal official abuses his authority to oppress or intimidate people exercising protected rights, he is subject to criminal liability. However, such prosecution would be handled by the incoming Attorney General of the United States.”
Thimothy Peterson, American economist.
Gensler may be prosecuted
In a significant development in the legal field, the possibility has been raised that Gensler could face criminal charges for alleged responsibility in the abuse of power as a public official. As established in the United States Penal Code 18 USC § 241, officials have the obligation to respect and protect the constitutional rights of citizens, as added by Timothy Peterson.
This criminal statute stipulates that those who deliberately conspire to infringe these rights may be subject to legal proceedings. In this context, any federal official who abuses his authority to oppress or intimidate individuals exercising their protected rights could be found guilty and, consequently, face serious legal repercussions.
If Gensler does not resign, Trump should appoint any of the SEC commissioners as chairman. Source: X/amk_dc.
Appointed by Biden, Gensler arrived at the SEC in 2021, amid expectations that saw him as a figure who would favor the development of the sector, being knowledgeable about cryptocurrencies.
But, contrary to expectations, in recent years he has led the agency following a line in an aggressive offensive, suing exchanges such as Binance, Coinbase and Kraken, and sanctioning several US decentralized finance projects and software developers. Something that many have been perceived as a hostile stance towards the industry.
As CriptoNoticias has reported, Gensler’s actions have been harshly criticized not only by members of the ecosystem, but also by members of the US Congress. Several commissions have summoned the official to hearings where NFT-valores-criptomonedas/”>the measures taken have been called into question against the sector, accusing it of exceed their duties.
Given this rejection, the community has expressed on several occasions its desire for the new president to fire him. The rules indicate that His departure will be as immediate as Trump promisedunless he resigns.
Meanwhile, now a list of possible substitutes is managedincluding SEC Commissioner Hester Peirce, known in the bitcoin community as “Crypto Mom”; former head of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, nicknamed “Crypto Dad”; and Brian Brooks, former acting comptroller of the currency.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
