Trump says he will fire Gary Gensler on day one of presidency if elected
The former President has voiced strong support for the crypto industry and called for US leadership in the sector.
Key Takeaways
- Trump stated his intention to fire Gary Gensler, the current SEC Chairman, on his first day in office.
- He thinks that Bitcoin can possibly overtake the market cap of gold.
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US presidential candidate Donald Trump announced that he will fire Gary Gensler, the current Chair of the US Securities and Exchange Commission (SEC), on his first day in office. Trump recognized Gensler’s unpopularity within the crypto community and indicated that appointing a new SEC Chairman would be a key step in his strategy to support the crypto industry.
“On day one, I will fire Gary Gensler and appoint a new SEC chairman. I didn’t know he was that unpopular,” said Trump, speaking at the Bitcoin 2024 conference in Nashville today.
Trump also declared his intention to transform the US into the world’s leading crypto capital if he wins the upcoming election. He reiterated that the US must lead in crypto or China and other countries will dominate.
Trump further compared the potential of the Bitcoin community to the early days of the steel industry. He expressed admiration for the community’s spirit, stating:
“Bitcoin is not just a marvel of technology, it’s a miracle of cooperation and human achievement.”
Trump has rebranded himself as a pro-crypto candidate and actively voiced support for the industry over the past few months. He has also called for US leadership in the crypto sector and highlighted the need for the country to dominate Bitcoin mining.
Trump’s shift in stance from previous skepticism—where he labeled Bitcoin a “scam”—to a more supportive position reflects a broader strategy to engage with the crypto community as he campaigns for the 2024 presidential election.
In addition, the former President has criticized the Biden administration’s regulatory approach to crypto, describing it as a “war on crypto.” Trump has pledged to promote supportive environment for crypto businesses in the US. His campaign also accepts donations in various digital currencies, including Bitcoin, Ethereum, and Dogecoin.
Trump’s recent remarks came after he picked Ohio Senator JD Vance as his vice presidential running mate for the 2024 Republican ticket. Vance is known as a strong crypto supporter.
Earlier this month, the Republican National Committee, influenced by Trump, declared its platform to support crypto innovations and prevent any crackdowns on crypto, while opposing the development of a central bank digital currency (CBDC).
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