Wall Street regulator pledges to press on amid Trump threats, political pressure

By Lananh Nguyen and Douglas Gillison

LAS VEGAS/WASHINGTON (Reuters) – Gary Gensler, chair of the U.S. Securities and Exchange Commission, said on Monday that he would continue his work to protect investors after threats of firing and calls for his dismissal from prominent Republicans and Democrats as the Nov. 5 presidential election approaches.

WHY IT’S IMPORTANT

Gensler’s remarks so close to the presidential election show he is confronting the new political power of the cryptocurrency industry, which has spent heavily to influence the outcome of November’s vote and garnered support among key demographics.

KEY QUOTE

“Democracies have consequences, but we’re going to continue to do that which we do well at the SEC until, as I say, the ref calls the whistle,” Gensler told a Las Vegas financial technology convention. “Traditionally, presidents decide who chairs the SEC. That’s a good part of democracy.”

CONTEXT

Republican former President Donald Trump has pledged to fire Gensler should he take office while crypto industry supporters of Democratic Vice President Kamala Harris have also called for Gensler’s ouster in a new administration, according to Bloomberg.

Gensler was appointed to head the SEC by Democratic President Joe Biden in 2021.