TechFlow News, on August 6, according to Fortune, Tonya Evans, a professor at Penn State Dickinson Law, pointed out that Trump claimed at the Bitcoin 2024 Conference that if elected president, he would fire Securities and Exchange Commission (SEC) Chair Gary Gensler on his first day in office and push for the federal government to hold bitcoin. However, this promise to dismiss Gensler faces significant obstacles.
First, the SEC is an independent federal agency, and its chair enjoys legal protections that prevent arbitrary dismissal. According to a 1935 Supreme Court ruling, Trump cannot remove Gensler without proper cause. While the president has the authority to appoint the SEC chair, removal typically does not require Senate approval; nonetheless, such a move by Trump could provoke strong opposition from Congress and be seen as a dangerous precedent.
Second, the dismissal process is complex. Trump would need to demonstrate that Gensler has been inefficient, negligent, or engaged in misconduct to initiate removal proceedings. Although some politicians and cryptocurrency industry representatives argue that Gensler has performed poorly and believe there are grounds for dismissal, the entire process could take months—or even longer than Gensler’s five-year term. Therefore, unless Gensler resigns on day one, his departure will not happen quickly.
