The U.S. Securities and Exchange Commission (SEC) is engulfed in several legal battles lately, including prominent crypto players like Ripple and Coinbase. The regulatory body is chaired by Gary Gensler currently, however, the crypto industry is speculating about what would happen to his position if Donald Trump ousts Joe Biden in the 2024 presidential elections.

Will SEC Chair Gary Gensler Keep His Position If Trump Wins 2024 Election?

SEC Chair Gary Gensler is currently serving his second term as the chairman in the regulatory agency. In the latest interview on Paul Barron Network, Eleanor Terrett, a Fox Journalist underscored the impact on Gensler’s position if Trump takes over the White House. Firstly, whe noted that Gensler would have to serve his second term till June 2026 if Biden reclaims the President position.

It’s an election year and some in the #crypto industry are wondering what SEC Chairman Gary Gensler, a Biden appointee, will do if Trump takes the White House. @paulbarron @paulbarrontv pic.twitter.com/sEZVx1NTBt

— Eleanor Terrett (@EleanorTerrett) February 9, 2024

However, Terrett added that in case Trump wins over, Gensler might have to step down from his position. The reason for this is the usual reaction of an SEC chairperson who is from the opposition party. On the contrary, she mentioned that there is a possibility of Gensler holding the chairman position till 2026 and then leaving once Trump nominates someone else.

Moreover, Terrett highlighted that Trump and Gensler aren’t arch-rivals since none of them have openly argued against each other. In addition, the journalist mentioned Trump being open about his disliking toward Fed Chairman Jerome Powell to give context to his equation with Gensler.

Also Read: Ripple CLO Spots Loophole In SEC’s Stance On Crypto Regulation

Gensler To Be Demoted?

On the contrary, she noted that there might be a possibility that Gensler would be demoted to a commissioner level if Trump enters the White House. Whilst, someone from the Republican party would take up the chairman position. This has led to numerous speculations in the crypto industry as netizens expect the SEC’s approach toward crypto to change drastically if Gensler steps down or is demoted.

Meanwhile, Terrett noted the SEC Chair could give up being a part of the agency in case of a demotion so that he would be able to pursue higher aspirations. In case he steps down, a major change could be seen in the two crypto-focused cases wherein the SEC is involved, which include Ripple and Coinbase.

The SEC has already provided several vague stances centering on crypto regulation. Hence, the absence of Gary Gensler could make it worse. Moreover, it could also prove to be a win for the crypto industry if the one who takes over the chairman position is a supporter of the burgeoning Web3 ecosystem.

Also Read: Coinbase Challenges Credit Card Giants By Proposing Blockchain Transactions

The post What Will Happen To SEC Chair Gary Gensler If Trump Enters The White House? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am