After today’s election, the community is curious about SEC Chair Gary Gensler’s fate. Specifically, the crypto community wants to know if SEC Chair Gensler will be fired and whether the agency will establish clear guidelines for crypto regulations.
One X user sparked discussion by pointing out that, when the new leader for the United States is announced, removing Gary Gensler may not be as easy as it sounds. The removal will have to meet statutory requirements as per New York Law Journal.
The user also referenced the 1935 Supreme Court case Humphrey’s Executor, which limited the President’s ability to remove independent agency commissioners like those at the FTC. Even though SEC was not address but since both of them are independent agencies, it is very common to draw similarities between the two. Historically, agency chairs often resign when their party loses power, though this is more traditional than a legal requirement.
Potential Outcome to Gary Gensler’s Fate
Further adding to these thoughts, Fox journalist Eleanor Terrett responded with potential scenarios. She states that if Trump wins, he has the power to demote Gary Gensler from the position and Pierce Hester or Mark Uyeda can be appointed as the interim chair. However, Gensler has the right to remain a commissioner until the 2026 if he chooses, which would allow him to influence the agency’s direction even without chairmanship.
If @realDonaldTrump wins, he would be able to demote @GaryGensler from the chairmanship, and designate either Peirce or Uyeda for the time being. But Gensler does have the ability to stay on as a commissioner through 2026 if he chooses to.
Now, if @KamalaHarris wins, it’s… https://t.co/gFZcfMDb73
— Eleanor Terrett (@EleanorTerrett) November 5, 2024
On the contrary, if Kamala Harris wins, it remains uncertain on how would she handle the situation. Harris has never publicly expressed any opinion’s over Gensler’s leadership and this has led to state of confusion. The community wonders if she would retain him or replace him.
The SEC’s leadership dynamics have been a complex aspect which involves law, tradition and political strategies. As the election outcome unfolds, the fate of Gary Gensler and the SEC’s direction hang in the balance.
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Source: https://www.cryptonewsz.com/gary-gensler-fate-depends-on-election-result/