Analysis: Since the Republican Party already controls the Senate, if Trump appoints a new SEC chairman, they may be able to take office within a few months

On November 9, U.S. President-elect Donald Trump received support from many leaders in the cryptocurrency industry. One of his most important promises to win over the crypto community was "to fire Gary Gensler on my first day in office." Analysts believe that while Trump cannot force Gensler to resign as a member of the U.S. Securities and Exchange Commission, he can immediately appoint a new acting chair after his inauguration on January 20th. He could also nominate a new commissioner to the Senate (subject to Senate approval). Given that Republicans flipped multiple seats and regained control of the Senate in Tuesday's presidential election, it is very likely that Trump's choice will pass through voting, and a new chairman may take office within months. For example, Gary Gensler was nominated by current US President Joe Biden on February 3rd, 2021; approved by the Senate on April 14th; and sworn into office on April 17th. Analysts point out that Gensler might choose to resign before Trump takes office - if this happens, Biden would need to appoint an interim chair from remaining Democratic commissioners until Trump takes office when he could then appoint another interim chair.(Coindesk)