Justin Sun Wants to Recruit SEC Chair Gary Gensler

Justin Sun, founder of Tron and Prime Minister of Liberland, publicly invited SEC Chair Gary Gensler to join him, should Gensler be dismissed under a potential Donald Trump administration.

Sun's offer, made via X (formerly known as Twitter), comes at a time of heightened tension between the SEC and the cryptocurrency sector, where Gensler is often seen as a key regulatory adversary.

Sun also applauded Trump's pledge to "drain the swamp" at the SEC as part of his anticipated return to the White House.

What Can Gensler Do for Sun as an Employee?

This unexpected offer follows comments from Trump, who suggested that if re-elected, he would replace Gensler, citing Gensler's aggressive approach to crypto regulation.

Trump's remarks, made during a recent speech, framed Gensler's policies as inhibiting innovation and economic growth in the US.

Amidst this backdrop, Sun addressed the uncertainty surrounding Gensler's future under a potential Trump presidency.

Shortly after, Sun extended an invitation to Gensler to join his ventures, humourously acknowledging that, like anyone else, Gensler "has a family to support," emphasizing the personal stakes in such a high-profile position.

What about the gazillions of people out there who also has a family or even a village to support?

If Gensler were to accept, the opportunities would likely lie within Tron or Liberland, a self-proclaimed libertarian micronation founded by Sun in 2015.

Liberland, known for its minimal government and blockchain-based governance, is built on values of economic freedom and inclusivity.

Sun remarked that even someone with a history of opposing crypto, like Gensler, could find a place there, provided they approach the industry with sincerity.

This invitation hints at the possibility of a reformed Gensler, one who shifts from stringent regulation to a more supportive stance toward cryptocurrency, potentially offering him a path for redemption within the blockchain community.

That is if he takes up the offer, and if the offer is even real.

Sincere Offer or Sarcastic Swipe?

Sun's offer to Gensler is likely laced with satire, given the SEC Chair's reputation as a staunch adversary of the crypto industry.

Under Gensler's leadership, the SEC has pursued a number of blockchain projects for alleged securities violations, fuelling tensions between regulators and the crypto community.

For many, Gensler represents an antiquated approach to financial innovation.

Coinbase CEO Brian Armstrong said just last week:

“The next SEC chair should withdraw all frivolous cases and issue an apology to the American people. It would not undo the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.”

Whether Sun's invitation is a sincere gesture or a playful jab at Gensler remains uncertain.

However, it undeniably underscores the widespread frustration with the current regulatory landscape in the US, highlighting the complex and high-stakes relationship between crypto leaders and government authorities.

When Will Gensler Tender His Resignation?

A recent analysis by 10X Research suggests that Gensler may step down next December or January, following the customary practice of SEC chairs resigning when a new president takes office.

This tradition allows the incoming administration to appoint a chairman aligned with its priorities.

For instance, Jay Clayton, appointed by Trump, resigned in December 2020, paving the way for Gensler's confirmation by Biden in April 2021.

Similarly, Mary Jo White, appointed by Obama, resigned the day Trump took office in 2017, though her successor was confirmed in May.

If this timeline holds, Gensler could depart in the coming months.

The potential resignation aligns with Trump's prior campaign promises to remove Gensler, sparking speculation that a new president may appoint a SEC chair more supportive of the crypto industry.

Many in the sector are watching this closely.

Trump's Promise to Fire Gensler After Election Victory

With Trump's promise to remove Gensler, the potential shake-up at the SEC could have far-reaching consequences, particularly for the future of cryptocurrency regulation in the US.

Following his election victory, Trump reiterated his commitment to unifying the country and "turning things around."

A key part of his agenda includes firing Gensler on day one, a move he framed as an essential step in ending the "anti-crypto crusade" he attributes to the Biden-Harris administration.

Under Gensler's leadership, the SEC has taken aggressive legal action against high-profile crypto players, including Coinbase and Uniswap.

Whether Gensler will remain in his post or face removal is a question that will likely be answered soon, with major implications for both the regulatory landscape and the crypto industry.