News:

At the Bitcoin 2024 conference in Nashville on July 27, former President Trump announced his intention to dismiss Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one” of his potential second term. Trump also proposed establishing a “Bitcoin and crypto presidential advisory council.”

Further Explanation:

Trump’s announcement was met with enthusiasm from the conference attendees, who have been critical of Gensler’s enforcement actions against several cryptocurrency companies, including Binance, Coinbase, and Ripple.

“The persecution stops and the weaponization against your industry ends the moment I’m sworn in,” Trump proclaimed, indicating his desire to appoint a new SEC chair who supports innovation in the cryptocurrency sector.

Industry leaders, including Tyler Winklevoss, co-founder of Gemini, have echoed Trump’s sentiments. Winklevoss called for the Biden administration to appoint a new SEC chair before the upcoming election, highlighting the need for clarity in the regulatory environment.

In a post on X, Winklevoss emphasized the importance of knowing the future leadership of the SEC before casting votes, underscoring the high stakes for the cryptocurrency industry in the forthcoming election.

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