By Jason Meyers
With the recent U.S. election signaling a shift in the regulatory landscape, the American Securities Association (ASA) has amplified calls for the immediate resignation of SEC Chairman Gary Gensler. Known as one of the most controversial and hated figures in finance, Gensler has faced intense criticism from investors, industry stakeholders, and the broader public alike.
His Twitter feed, often filled with scathing comments and outright hostility, reflects widespread dissatisfaction with his leadership, particularly in crypto.
ASA Pushes for Immediate Change
The ASA, representing nearly 100 regional financial services firms, has publicly urged Gensler to step down, viewing Donald Trump’s election win as a clear mandate for regulatory reform. ASA President and CEO Chris Iacovella emphasized that Gensler’s departure is essential for realigning the SEC’s focus with the priorities of the American people. “The people voted for this country to take a new direction,” Iacovella stated. “Chairman Gensler should respect that vote by stepping down from his position immediately. This is the only way for America’s working families, retirement savers, and small businesses to rebuild their trust and confidence in the institution of the SEC.”
The ASA’s call for a leadership overhaul underscores the association’s belief that new SEC guidance is critical to restoring investor confidence, promoting economic growth, and supporting small businesses. Gensler’s regulatory approach, which many view as overly restrictive and punitive, has sparked backlash from the financial and crypto sectors alike, fueling his reputation as one of the most hated figures in finance.
Trump’s Promise to Remove Gensler
Trump has not minced words about his intent to fire Gensler on his first day in office. In a July appearance at a Bitcoin conference, he criticized Gensler’s harsh stance on crypto, a stance that has contributed to the perception of Gensler as a heavy-handed regulator. The crypto community, in particular, believes he is owned and operated by banks along with Elizabeth Warren. The entire crypto space is rallying behind Trump’s promise: “On day one, I will fire Gary Gensler”.
The Challenge of Replacing an SEC Chair
Although Trump’s intent is clear, removing an SEC Chair is a legally complex process, as the position is generally safeguarded by a fixed term. Despite these hurdles, Trump’s administration appears prepared to pursue a leadership change that aligns with his pro-growth, pro-crypto agenda—a shift that could reshape the future of U.S. financial regulation.
It’s impossible for Gary Gensler to effectively lead the SEC when he’s widely viewed as the most hated figure in finance. With overwhelming public and industry demand for his resignation, his leadership lacks the trust essential for progress.
With public opposition to Gensler reaching unprecedented levels, the stage is set for what could be a transformative period for the SEC, ushering in a new regulatory direction aimed at making crypto a top priority and making the USA the undisputed crypto capital of the world.
About the author
Jason Meyers is the lead architect of Pacioli.ai, the worlds first web3 disclosure infrastructure and AI based DePIN for external validation. Jason took many companies public including Alexion Pharmaceuticals which was acquired by AstraZeneca for USD$40 Billion. He has a strong belief that the nefarious activities that occur in crypto could kill innovation. He also strongly believes that the re-election of Donald Trump will make the USA the undisputed crypto capital of the world.
Connect with Jason on LinkedIn. Follow on Twitter