Trump plans to sack SEC chair
At the Bitcoin 2024 conference in Nashville, on July 27, Trump addressed a crowd of Bitcoin fans who had been waiting more than an hour for him to speak, following his assertion that the Secret Service required more time at the location.
President Trump suggested dismissing Securities and Exchange Commission Chair Gary Gensler “on day one” and creating a “Bitcoin and crypto presidential advisory council.”
Trump declared, “The persecution stops and the weaponization against your industry ends the moment I’m sworn in.” “I’ll name a new chairman of the SEC who thinks America should build the future, not stand in the way of it.”
The announcement by Trump seemed to be well received by many attendees of the crypto event. Leaders in the industry have frequently accused Gensler of being in charge of the SEC’s ongoing enforcement operations against numerous cryptocurrency companies, such as Binance, Coinbase, and Ripple.
Even though the SEC chair’s term expires in June 2026, Gensler might leave the commission in the aftermath of Trump or Vice President Harris’s cabinet. Trump backer Tyler Winklevoss, co-founder of Gemini and attendee of the Bitcoin conference urged the Biden administration to name a new chair of the SEC before Election Day.
According to Tyler Winklevoss, co-founder of Gemini, the US government needs to “take action” and let the cryptocurrency business know who will be in charge of the securities watchdog before the US election.
In a lengthy X post on July 26, Winklevoss declared, “We should demand to know, among other things, who the next chair of the SEC is before we head to the ballot box.” He also disclosed that he and his brother Cameron, a co-founder of Gemini, had recently been kicked out of a White House event for supporting Donald Trump.
According to Winklevoss, this “perfectly captures” the administration of President Joe Biden’s position on the cryptocurrency sector.
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