President-elect Donald Trump has promised to fire Gary Gensler and appoint a new chair of the U.S. Securities and Exchange Commission (SEC) as soon as his inauguration on January 20. Gensler took office less than 11 weeks after being appointed by President Biden. If Gensler were to step down before Trump’s inauguration, the Democratic Party could appoint an interim chair. Trump's expected actions have garnered support from notable crypto leaders and are part of a broader promise to support the digital asset industry. Despite not being able to directly dismiss Gensler as commissioner, Trump can appoint a new interim chair and nominate a new commissioner, likely leading to a new SEC chair within months of his inauguration. Gensler has faced criticism from the crypto sector for his regulation stance, particularly his views on centralized exchanges violating federal securities laws. Supporters of Trump anticipate a more favorable regulatory climate for cryptocurrencies under his administration.

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