Trump to Fire SEC Chair Gensler and Make Bitcoin a Strategic Reserve Asset for the US

• Trump plans to fire SEC Chair Gensler and replace him with a pro-Bitcoin SEC chair.
• Trump aims to make Bitcoin a strategic reserve asset for the US, signaling a significant shift in financial policy.

On July 27 at the Bitcoin 2024 conference in Nashville, Tennessee, Trump addressed a crowd of Bitcoin enthusiasts who had waited over an hour for his speech, as he stated the Secret Service needed more time at the venue. The conference gathered various speakers, including Edward Snowden, who advised attendees on politicians’ motives.

According to blockchain researcher Collin Brown, Trump made a bold declaration at the Bitcoin 2024 conference, promising to fire SEC Chairman Gary Gensler on his first day in office. He also highlighted in his tweet that this announcement was met with thunderous applause and cheers from the audience.

Trump's Bold Declaration: "On Day 1, Gary Gensler, You're Fired!" The crowd erupted in thunderous applause and cheers as Donald Trump vowed to dismiss SEC Chairman Gary Gensler, who tried to blow up #Ripple (#XRP) on his very first day in office. Trump, clearly taken… pic.twitter.com/cPd7S5RP6m

— Collin Brown (@CollinBrownXRP) July 28, 2024

Surprised by the overwhelming response from the community, Trump reiterated his promise, acknowledging Gensler’s unpopularity with the crypto industry. The crowd celebrated this commitment, eager for significant changes in the SEC’s leadership and financial regulation. At the conference, Republican presidential nominee Trump promised immediate policy changes if elected. He stated:

The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry,… I will appoint a new SEC chairman who believes that America should build the future, not block the future.

Earlier, CNF discussed that Gary Gensler and the SEC relent: Ripple faces a reduced $102 million penalty in the XRP case. Thus, by removing SEC Chair Gary Gensler on his first day in office, Trump plans to establish a Bitcoin and crypto presidential advisory council, subsequently halting the development of a US central bank digital currency (CBDC) and defending the right to self-custody.

As a response, the crowd at the conference reacted positively, with many in the crypto industry critical of Gensler’s enforcement actions. In addition, Tyler Winklevoss, a Trump supporter, called for a new SEC chair before election day.

According to CoinMarketCap data, Bitcoin (BTC) currently trades at $69,528.80, having surged by 2.12% in the past day and 1.98% in the past week. See BTC price chart below.