OPINION: Trump's promise to fire US SEC chair on first day in office may face hurdles

Trump declared at the Bitcoin 2024 conference that he would fire US Securities and Exchange Commission Chairman Gary Gensler on his first day in office if elected president and push for federal ownership of Bitcoin, according to Tonya Evans, a professor at Penn State Dickinson School of Law. However, the promise to fire Gensler has faced many obstacles. The firing process is said to be complicated, and Trump must prove inefficiency, negligence, or malfeasance on the part of Gary Gensler before he can initiate the dismissal process. Although some politicians and crypto industry representatives believe that Gensler's poor performance justifies his dismissal, the entire process could take months, even beyond Gary Gensler's five-year term. Therefore, unless Gary Gensler resigns on day one, his departure will not materialise quickly.