The American Securities Association (ASA), a financial industry group, has called on Securities and Exchange Commission (SEC) Chairman Gary Gensler to resign immediately following former President Donald Trump's re-election.
“Last night, the people voted to move this country in a new direction, and Chairman Gensler should respect that vote and resign immediately,” ASA President and CEO Chris Iacovella said in a statement Wednesday. ” he said.
“This is the only way America's working families, retirement savers, and small businesses can rebuild trust and confidence in the SEC system,” Iacobella added.
The statement from ASA, which represents major asset management companies, was released less than a day after Trump was declared the winner of the presidential election. vowed to light the fire If Gensler is re-elected.
Gensler has faced backlash for his hard-line approach to the cryptocurrency industry, which has made a name for itself in Washington since President Trump's first term.
Trump, who once called cryptocurrencies a “fraud,” has pivoted to the topic, with Gensler leading the charge in criticizing the Biden-Harris administration's critical approach to cryptocurrencies, and has lobbied the industry at election hearings. supported.
The next president has promised to “remove” Gensler from his position. The SEC is an independent federal agency; This means that commissioners are protected from being removed without cause. This reasoning is believed to be based on legal and policy considerations rather than political influence.
President Trump cannot force Gensler to resign as commissioner, but he can appoint a new interim SEC chairman once he takes office in January. CoinDesk reported. The former president could also nominate new members to the Senate, which flipped to a Republican majority this week, increasing the chances that the nomination will be approved by the Senate.
The SEC declined to comment on the ASA's statement.
In recent years, many politicians inside and outside the crypto industry have called for Gensler's removal.
For example, Sen. Warren Davidson (R-Ohio) and House Majority Whip Tom Emmer (R-Minn.). introduced The move last year was aimed at restructuring the SEC and firing Gensler, who called Davidson “tyrannical.”
Their proposed measures aim to take away some of the discretionary power held by the SEC chairman and prevent a single political party from holding more than two commission seats at any given time.
Iacovera's statement: noticeable change Starting in 2021, he will support Gensler's nomination, calling him a person of “immeasurable intellectual acumen” and “pragmatic, rational, and willing to listen to all points of view when formulating policy.” “There is.”
The Hill has reached out to Iacovella for further comment.
Mr. Gensler was appointed at the beginning of President Biden's term in February 2021.
